CENGAGENOW FOR ANDERSON/SWEENEY/WILLIAM
13th Edition
ISBN: 9781337094399
Author: Cochran
Publisher: IACCENGAGE
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Question
Chapter 14.2, Problem 9E
a.
To determine
Obtain a
b.
To determine
Explain the meaning of scatterplot obtained in part a, about the relationship between the two variables.
c.
To determine
Find the least square estimated regression equation.
d.
To determine
Provide the interpretation of the slope of the regression equation.
e.
To determine
Predict the annual revenue for Fox Rent A Car.
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Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011 Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. The following data show the number of cars in service (1000s) and the annual revenue ($millions) for six smaller car rental companies (Auto Rental News website, August 7, 2012).
If required, enter negative values as negative numbers.
c. Use the least squares method to develop the estimated regression equation (to 3 decimals).
d. For every additional car placed in service, estimate how much annual revenue will change. Use estimated value rounded to 3 decimals.
e. Fox Rent A Car has 11,000 cars in service. Use the estimated regression equation developed in part (c) to predict annual revenue for Fox Rent A Car. Round your answer to nearest whole value. million
Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($
millions) for six smaller car rental companies.
Cars
Revenue
Company
(1,000s) ($ millions)
Company A
11.5
120
Company B
10.0
133
Company C
9.0
102
Company D
5.5
37
Company E
4.2
42
Company F
3.3
34
(a) Develop a scatter diagram with the number of cars in service as the independent variable.
160T
160T
160
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140-
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Cars in Service (1,000s)
Cars in Service (1,000s)
Cars in Service (1,000s)
Cars in Service (1,000s)
(b) What does the scatter diagram developed in part (a) indicate about the relationship between…
Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and
the annual revenue ($ millions) for six smaller car rental companies.
Cars
Revenue
Company
(1,000s)
($ millions)
Company A
11.5
116
Company B
10.0
137
Company C
9.0
102
Company D
5.5
39
Company E
4.2
40
Company F
3.3
34
(a) Develop a scatter diagram with the number of cars in service as the independent variable.
160-
140-
160
160
160
120
140-
140-
140
100
120
120-
120-
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100
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100-
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Cars in Service (1,000s)
Cars in Service (1,000s)
Cars in Service (1,000s)
Cars in Service (1,000s)
(b) What does the scatter diagram developed in part (a) indicate about the relationship between the…
Chapter 14 Solutions
CENGAGENOW FOR ANDERSON/SWEENEY/WILLIAM
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