Bundle: Statistics for Business & Economics, Loose-leaf Version, 13th + MindTap Business Statistics with XLSTAT, 2 terms (12 months) Printed Access Card
13th Edition
ISBN: 9781337127264
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Textbook Question
Chapter 14.3, Problem 22E
Refer to exercise 9, where the following data were used to investigate the relationship between the number of cars in service (1000s) and the annual revenue ($millions) for six smaller car rental companies (Auto Rental News website, August 7, 2012).
| Company | Cars (1000s) |
Revenue ($ millions) |
| U-Save Auto Rental System, Inc. | 11.5 | 118 |
| Payless Car Rental System, Inc. | 10.0 | 135 |
| ACE Rent A Car | 9.0 | 100 |
| Rent-A-Wreck of America | 5.5 | 37 |
| Triangle Rent-A-Car | 4.2 | 40 |
| Affordable/Sensible | 3.3 | 32 |
With x = cars in service (1000s) and y = annual revenue ($ millions), the estimated regression equation is ŷ = −17.005 + 12.966x. For these data SSE = 1043.03.
- a. Compute the coefficient of determination r2.
- b. Did the estimated regression equation provide a good fit? Explain.
- c. What is the value of the sample
correlation coefficient ? Does it reflect a strong or weak relationship between the number of cars in service and the annual revenue?
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Chapter 14 Solutions
Bundle: Statistics for Business & Economics, Loose-leaf Version, 13th + MindTap Business Statistics with XLSTAT, 2 terms (12 months) Printed Access Card
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