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
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Chapter 14.5, Problem 29E
Refer to exercise 21, where data on production volume and cost were used to develop an estimated regression equation relating production volume and cost for a particular manufacturing operation. Use α = .05 to test whether the production volume is significantly related to the total cost. Show the ANOVA table. What is your conclusion?
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According to human capital theory, a person’s earning is linked to her level of education – there is a relationship between workers income and years of education. Using data from the Labour Force Survey, a researcher found the following regression results for earnings on intercept, years of education, experience, and experience squared:
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(2.45) (0.012) (0.031) (0.001)
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Click the icon to view the table of summated ratings and cost per person.
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a. Construct a scatter plot. Choose the correct graph below.
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(Round to two decimal places as needed.)
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A magazine publishes restaurant ratings for various locations around the world. The magazine rates the restaurants for food, decor, service, and the cost per person. Develop a regression model to predict the cost per person, based on a variable that represents the sum of the three ratings. The magazine has compiled the
accompanying table of this summated ratings variable and the cost per person for 25 restaurants in a major city. Complete parts (a) through (e) below.
Click the icon to view the table of summated ratings and cost per person.
a. Construct a scatter plot. Choose the correct graph below.
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b. Assuming a linear relationship, use the least-squares method to compute the regression coefficients bo and b,.
bo =D and b, =O
(Round to two decimal places as needed.)
Summated Rating Cost ($ per person)|9
c. Interpret the…
Chapter 14 Solutions
Bundle: Statistics for Business & Economics, Loose-Leaf Version, 13th + MindTap Business Statistics with XLSTAT, 1 term (6 months) Printed Access Card
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