Bundle: Statistics for Business & Economics, Loose-Leaf Version, 13th + MindTap Business Statistics with XLSTAT, 1 term (6 months) Printed Access Card
13th Edition
ISBN: 9781337148092
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
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?
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
1. Find the mean of the x-values (x-bar)
and the mean of the y-values (y-bar) and write/label each here:
2. Label the second row in the table using proper notation; then, complete the table. In the fifth and sixth
columns, show the 'products' of what you're multiplying, as well as the answers.
X
y
x minus x-bar y minus y-bar (x minus x-bar)(y minus y-bar)
(x minus x-bar)^2
xy
16
20
34
4-2
5 2
3. Write the sums that represents Sxx and Sxy in the table, at the bottom of their respective columns.
4. Find the slope of the Regression line: bi
=
(simplify your answer)
5. Find the y-intercept of the Regression line, and then write the equation of the Regression line.
Show your work. Then, BOX your final answer. Express your line as "y-hat equals...
Apply STATA commands & submit the output for each question only when
indicated below
i.
Generate the log of birthweight and family income of children. Name
these new variables Ibwght & Ifaminc. Include the output of this
code.
ii. Apply the command sum with the detail option to the variable
faminc. Note: you should find the 25th percentile value, the 50th
percentile and the 75th percentile value of faminc from the output -
you will need it to answer the next question Include the output of this
code.
iii.
iv.
Use the output from part ii of this question to Generate a variable
called "high_faminc" that takes a value 1 if faminc is less than or
equal to the 25th percentile, it takes the value 2 if faminc is greater
than 25th percentile but less than or equal to the 50th percentile, it
takes the value 3 if faminc is greater than 50th percentile but less than
or equal to the 75th percentile, it takes the value 4 if faminc is greater
than the 75th percentile. Include the outcome of this code…
solve this on paper
Chapter 14 Solutions
Bundle: Statistics for Business & Economics, Loose-Leaf Version, 13th + MindTap Business Statistics with XLSTAT, 1 term (6 months) Printed Access Card
Ch. 14.2 - Given are five observations for two variables, x...Ch. 14.2 - Given are five observations for two variables, x...Ch. 14.2 - Given are five observations collected in a...Ch. 14.2 - The following data give the percentage of women...Ch. 14.2 - Brawdy Plastics, Inc., produces plastic seat belt...Ch. 14.2 - The National Football League (NFL) records a...Ch. 14.2 - A sales manager collected the following data on...Ch. 14.2 - The American Association of Individual Investors...Ch. 14.2 - Prob. 9ECh. 14.2 - On March 31, 2009, Ford Motor Companys shares were...
Ch. 14.2 - To help consumers in purchasing a laptop computer,...Ch. 14.2 - Concur Technologies, Inc., is a large...Ch. 14.2 - To the Internal Revenue Service, the...Ch. 14.2 - A large city hospital conducted a study to...Ch. 14.3 - The data from exercise 1 follow. xi 1 2 3 4 5 yi 3...Ch. 14.3 - The data from exercise 2 follow. xi 3 12 6 20 14...Ch. 14.3 - The data from exercise 3 follow. xi 2 6 9 13 20 yi...Ch. 14.3 - The following data show the brand, price (), and...Ch. 14.3 - In exercise 7 a sales manager collected the...Ch. 14.3 - Bicycling, the worlds leading cycling magazine,...Ch. 14.3 - An important application of regression analysis in...Ch. 14.3 - Refer to exercise 9, where the following data were...Ch. 14.5 - The data from exercise 1 follow. xi 1 2 3 4 5 yi 3...Ch. 14.5 - The data from exercise 2 follow. xi 3 12 6 20 14...Ch. 14.5 - The data from exercise 3 follow. xi 2 6 9 13 20 yi...Ch. 14.5 - In exercise 18 the data on price () and the...Ch. 14.5 - To identify high-paying jobs for people who do not...Ch. 14.5 - In exercise 8 ratings data on x = the quality of...Ch. 14.5 - Refer to exercise 21, where data on production...Ch. 14.5 - Refer to exercise 9, where the following data were...Ch. 14.5 - In exercise 20, data on x = weight (pounds) and y...Ch. 14.6 - The data from exercise 1 follow. xi 1 2 3 4 5 yi 3...Ch. 14.6 - The data from exercise 2 follow. xi 3 12 6 20 14...Ch. 14.6 - The data from exercise 3 follow. xi 2 6 9 13 20 yi...Ch. 14.6 - The following data are the monthly salaries y and...Ch. 14.6 - In exercise 7, the data on y = annual sales (...Ch. 14.6 - In exercise 13, data were given on the adjusted...Ch. 14.6 - Refer to exercise 21, where data on the production...Ch. 14.6 - In exercise 12, the following data on x = average...Ch. 14.7 - The commercial division of a real estate firm is...Ch. 14.7 - Following is a portion of the computer output for...Ch. 14.7 - A regression model relating x, number of...Ch. 14.7 - A 2012 suvey conducted by Idea Works provided data...Ch. 14.7 - Automobile racing, high-performance driving...Ch. 14.8 - Given are data for two variables, x and y. xi 6 11...Ch. 14.8 - The following data were used in a regression...Ch. 14.8 - Data on advertising expenditures and revenue (in...Ch. 14.8 - Refer to exercise 7, where an estimated regression...Ch. 14.8 - In 2011 home prices and mortgage rates dropped so...Ch. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Charity Navigator is Americas leading independent...Ch. 14.9 - Many countries, especially those in Europe, have...Ch. 14.9 - Prob. 54ECh. 14 - Does a high value of r2 imply that two variables...Ch. 14 - In your own words, explain the difference between...Ch. 14 - What is the purpose of testing whether 1 = 0? If...Ch. 14 - The Dow Jones Industrial Average (DJIA) and the...Ch. 14 - Is the number of square feet of living space a...Ch. 14 - One of the biggest changes in higher education in...Ch. 14 - Jensen Tire Auto is in the process of deciding...Ch. 14 - In a manufacturing process the assembly line speed...Ch. 14 - A sociologist was hired by a large city hospital...Ch. 14 - The regional transit authority for a major...Ch. 14 - A marketing professor at Givens College is...Ch. 14 - The Transactional Records Access Clearinghouse at...Ch. 14 - The Toyota Camry is one of the best-selling cars...Ch. 14 - You have been assigned to analyze the risk...Ch. 14 - As part of a study on transportation safety, the...Ch. 14 - Consumer Reports tested 166 different...Ch. 14 - Finding the Best Car Value When trying to decide...Ch. 14 - Buckeye Creek Amusement Park is open from the...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Apply STATA commands & submit the output for each question only when indicated below i. Apply the command egen to create a variable called "wyd" which is the rowtotal function on variables bwght & faminc. ii. Apply the list command for the first 10 observations to show that the code in part i worked. Include the outcome of this code iii. Apply the egen command to create a new variable called "bwghtsum" using the sum function on variable bwght by the variable high_faminc (Note: need to apply the bysort' statement) iv. Apply the "by high_faminc" statement to find the V. descriptive statistics of bwght and bwghtsum Include the output of this code. Why is there a difference between the standard deviations of bwght and bwghtsum from part iv of this question?arrow_forwardAccording to a health information website, the distribution of adults’ diastolic blood pressure (in millimeters of mercury, mmHg) can be modeled by a normal distribution with mean 70 mmHg and standard deviation 20 mmHg. b. Above what diastolic pressure would classify someone in the highest 1% of blood pressures? Show all calculations used.arrow_forwardWrite STATA codes which will generate the outcomes in the questions & submit the output for each question only when indicated below i. ii. iii. iv. V. Write a code which will allow STATA to go to your favorite folder to access your files. Load the birthweight1.dta dataset from your favorite folder and save it under a different filename to protect data integrity. Call the new dataset babywt.dta (make sure to use the replace option). Verify that it contains 2,998 observations and 8 variables. Include the output of this code. Are there missing observations for variable(s) for the variables called bwght, faminc, cigs? How would you know? (You may use more than one code to show your answer(s)) Include the output of your code (s). Write the definitions of these variables: bwght, faminc, male, white, motheduc,cigs; which of these variables are categorical? [Hint: use the labels of the variables & the browse command] Who is this dataset about? Who can use this dataset to answer what kind of…arrow_forward
- Apply STATA commands & submit the output for each question only when indicated below İ. ii. iii. iv. V. Apply the command summarize on variables bwght and faminc. What is the average birthweight of babies and family income of the respondents? Include the output of this code. Apply the tab command on the variable called male. How many of the babies and what share of babies are male? Include the output of this code. Find the summary statistics (i.e. use the sum command) of the variables bwght and faminc if the babies are white. Include the output of this code. Find the summary statistics (i.e. use the sum command) of the variables bwght and faminc if the babies are male but not white. Include the output of this code. Using your answers to previous subparts of this question: What is the difference between the average birthweight of a baby who is male and a baby who is male but not white? What can you say anything about the difference in family income of the babies that are male and male…arrow_forwardA public health researcher is studying the impacts of nudge marketing techniques on shoppers vegetablesarrow_forwardThe director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience. Admissions Probability 1,100 0.5 1,400 0.4 1,300 0.1 Click here for the Excel Data File Required: What is the expected number of admissions for the fall semester? Compute the variance and the standard deviation of the number of admissions. Note: Round your standard deviation to 2 decimal places.arrow_forward
- A pollster randomly selected four of 10 available people. Required: How many different groups of 4 are possible? What is the probability that a person is a member of a group? Note: Round your answer to 3 decimal places.arrow_forwardWind Mountain is an archaeological study area located in southwestern New Mexico. Potsherds are broken pieces of prehistoric Native American clay vessels. One type of painted ceramic vessel is called Mimbres classic black-on-white. At three different sites the number of such sherds was counted in local dwelling excavations. Test given. Site I Site II Site III 63 19 60 43 34 21 23 49 51 48 11 15 16 46 26 20 31 Find .arrow_forwardRothamsted Experimental Station (England) has studied wheat production since 1852. Each year many small plots of equal size but different soil/fertilizer conditions are planted with wheat. At the end of the growing season, the yield (in pounds) of the wheat on the plot is measured. Suppose for a random sample of years, one plot gave the following annual wheat production (in pounds): 4.46 4.21 4.40 4.81 2.81 2.90 4.93 3.54 4.16 4.48 3.26 4.74 4.97 4.02 4.91 2.59 Use a calculator to verify that the sample variance for this plot is . Another random sample of years for a second plot gave the following annual wheat production (in pounds): 3.89 3.81 3.95 4.07 4.01 3.73 4.02 3.78 3.72 3.96 3.62 3.76 4.02 3.73 3.94 4.03 Use a calculator to verify that the sample variance for this plot is . Suppose that we test the claim using that the population variance of annual wheat production for the first plot is larger…arrow_forward
- It is thought that prehistoric Native Americans did not take their best tools, pottery, and household items when they visited higher elevations for their summer camps. It is hypothesized that archaeological sites tend to lose their cultural identity and specific cultural affiliation as the elevation of the site increases. Let x be the elevation (in thousands of feet) for an archaeological site in the southwestern United States. Let y be the percentage of unidentified artifacts (no specific cultural affiliation) at a given elevation. Suppose that the following data were obtained for a collection of archaeological sites in New Mexico: x 5.50 6.00 6.75 7.00 7.75 y 37 38 92 70 99 Find the equation of the least squares line . Round a and b to three decimal places.arrow_forwardA fitness trainer wants to estimate the effect of fitness activities on muscle mass for different weight categories of club members. They choose the most popular fitness classes at the gym: yoga, circuit training, and high-intensity interval training (HIIT). Suppose that the weights of club members are separated into three levels: under 155 pounds, 155 – 200 pounds, and over 200 pounds. Draw a flow chart showing the design of this experiment.arrow_forwardThe systolic blood pressure of individuals is thought to be related to both age and weight. Let the systolic blood pressure, age, and weight be represented by the variables x1, x2, and x3, respectively. Suppose that Minitab was used to generate the following descriptive statistics, correlations, and regression analysis for a random sample of 15 individuals. Descriptive Statistics Variable N Mean Median TrMean StDev SE Mean x 1 15 154.14 154.34 154.14 3.842 0.992000 x 2 15 59.69 60.19 59.69 1.462 0.377487 x 3 15 205.55 204.75 205.55 4.558 1.176871 Variable Minimum Maximum Q1 Q3 x 1 125 178 141.803 167.244 x 2 41 80 47.754 78.415 x 3 126 240 140.395 224.008 Correlations (Pearson) x 1 x 2 x 2 0.892 x 3 0.839 0.567 Regression Analysis The regression equation is x 1 = 0.883 + 1.257x2 + 0.871x3 Predictor Coef StDev T P Constant 0.883 0.635 1.39 0.095 x 2 1.257 0.635 1.98 0.036 x 3 0.871 0.419 2.08 0.030 S = 0.428 R-sq = 92.7 %…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Functions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage Learning
College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Functions and Change: A Modeling Approach to Coll...
Algebra
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Cengage Learning
College Algebra (MindTap Course List)
Algebra
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:Cengage Learning
Hypothesis Testing using Confidence Interval Approach; Author: BUM2413 Applied Statistics UMP;https://www.youtube.com/watch?v=Hq1l3e9pLyY;License: Standard YouTube License, CC-BY
Hypothesis Testing - Difference of Two Means - Student's -Distribution & Normal Distribution; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=UcZwyzwWU7o;License: Standard Youtube License