Bundle: Modern Business Statistics with Microsoft Office Excel, Loose-Leaf Version, 6th + MindTap Business Statistics, 2 terms (12 months) Printed Access Card
6th Edition
ISBN: 9781337589383
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Chapter 14.9, Problem 53E
Many countries, especially those in Europe, have significant gold holdings. But many of these countries also have massive debts. The following data show the total value of gold holdings in billions of U.S. dollars and the debt as a percentage of the gross domestic product for nine countries (WordPress and Trading Economics websites, February 24, 2012).
- a. Develop a
scatter diagram for the total value of a country’s gold holdings ($ billions) as the independent variable. - b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? Does there appear to be any outliers and/or influential observations? Explain.
- c. Using the entire data set, develop the estimated regression equation that can be used to predict the debt of a country given the total value of its gold holdings.
- d. Suppose that after looking at the scatter diagram in part (a) that you were able to visually identify what appears to be an influential observation. Drop this observation from the data set and fit an estimated regression equation to the remaining data. Compare the estimated slope for the new estimated regression equation to the estimated slope obtained in part (c). Does this approach confirm the conclusion you reached in part (d)? Explain.
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Chapter 14 Solutions
Bundle: Modern Business Statistics with Microsoft Office Excel, Loose-Leaf Version, 6th + MindTap Business Statistics, 2 terms (12 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 - Retail and Trade: Female Managers. The following...Ch. 14.2 - Production Line Speed and Quality Control. Brawdy...Ch. 14.2 - The National Football League (NFL) records a...Ch. 14.2 - Sales Experience and Performance. A sales manager...Ch. 14.2 - Broker Satisfaction. The American Association of...Ch. 14.2 - Companies in the U.S. car rental market vary...Ch. 14.2 - Age and the Price of Wine. For a particular red...
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Compute the mean...Ch. 14.5 - The data from exercise 2 follow.
Compute the mean...Ch. 14.5 - The data from exercise 3 follow.
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