Statistics for Business & Economics, Revised (MindTap Course List)

12th Edition

ISBN: 9781285846323

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Publisher: South-Western College Pub

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Textbook Question

Chapter 15, Problem 2CP

Matt Kenseth won the 2012 Daytona 500, the most important race of the NASCAR season. His win was no surprise because for the 2011 season he finished fourth in the point standings with 2330 points, behind Tony Stewart (2403 points), Carl Edwards (2403 points), and Kevin Harvick (2345 points). In 2011 he earned $6,183,580 by winning three Poles (fastest driver in qualifying), winning three races, finishing in the top five 12 times, and finishing in the top ten 20 times. NASCAR’s point system in 2011 allocated 43 points to the driver who finished first, 42 points to the driver who finished second, and so on down to 1 point for the driver who finished in the 43rd position. In addition any driver who led a lap received 1 bonus point, the driver who led the most laps received an additional bonus point, and the race winner was awarded 3 bonus points. But, the maximum number of points a driver could earn in any race was 48. Table 15.13 shows data for the 2011 season for the top 35 drivers (NASCAR website, February 28, 2011).

TABLE 15.13 NASCAR RESULTS FOR THE 2011 SEASON

Chapter 15, Problem 2CP, Matt Kenseth won the 2012 Daytona 500, the most important race of the NASCAR season. His win was no

Managerial Report

1. Suppose you wanted to predict Winnings ($) using only the number of poles won (Poles), the number of wins (Wins), the number of top five finishes (Top 5), or the number of top ten finishes (Top 10). Which of these four variables provides the best single predictor of winnings?
2. Develop an estimated regression equation that can be used to predict Winnings ($) given the number of poles won (Poles), the number of wins (Wins), the number of top five finishes (Top 5), and the number of top ten (Top 10) finishes. Test for individual significance and discuss your findings and conclusions.
3. Create two new independent variables: Top 2-5 and Top 6-10. Top 2-5 represents the number of times the driver finished between second and fifth place and Top 6-10 represents the number of times the driver finished between sixth and tenth place. Develop an estimated regression equation that can be used to predict Winnings ($) using Poles, Wins, Top 2-5, and Top 6-10. Test for individual significance and discuss your findings and conclusions.
4. Based upon the results of your analysis, what estimated regression equation would you recommend using to predict Winnings ($)? Provide an interpretation of the estimated regression coefficients for this equation.

Expert Solution & Answer

Chapter 15 Solutions

Statistics for Business & Economics, Revised (MindTap Course List)

Ch. 15.2 - The estimated regression equation for a model...Ch. 15.2 - Consider the following data for a dependent...Ch. 15.2 - In a regression analysis involving 30...Ch. 15.2 - A shoe store developed the following estimated...Ch. 15.2 - The owner of Showtime Movie Theaters, Inc., would...Ch. 15.2 - The National Football League (NFL) records a...Ch. 15.2 - PC World rated four component characteristics for...Ch. 15.2 - The Cond Nast Traveler Gold List provides ratings...Ch. 15.2 - Waterskiing and wakeboarding are two popular...Ch. 15.2 - Prob. 10E

Ch. 15.3 - In exercise 1, the following estimated regression...Ch. 15.3 - Prob. 12E Ch. 15.3 - In exercise 3, the following estimated regression...Ch. 15.3 - In exercise 4, the following estimated regression...Ch. 15.3 - In exercise 5, the owner of Showtime Movie...Ch. 15.3 - In exercise 6, data were given on the average...Ch. 15.3 - Prob. 17E Ch. 15.3 - Prob. 18E Ch. 15.5 - In exercise 1, the following estimated regression...Ch. 15.5 - Refer to the data presented in exercise 2. The...Ch. 15.5 - The following estimated regression equation was...Ch. 15.5 - In exercise 4, the following estimated regression...Ch. 15.5 - Prob. 23E Ch. 15.5 - The Wall Street Journal conducted a study of...Ch. 15.5 - The Cond Nast Traveler Gold List for 2012 provided...Ch. 15.5 - In exercise 10, data showing the values of several...Ch. 15.6 - In exercise 1, the following estimated regression...Ch. 15.6 - Refer to the data in exercise 2. The estimated...Ch. 15.6 - In exercise 5, the owner of Showtime Movie...Ch. 15.6 - Prob. 30E Ch. 15.6 - The American Association of Individual Investors...Ch. 15.7 - Consider a regression study involving a dependent...Ch. 15.7 - Consider a regression study involving a dependent...Ch. 15.7 - Management proposed the following regression model...Ch. 15.7 - Refer to the Johnson Filtration problem introduced...Ch. 15.7 - This problem is an extension of the situation...Ch. 15.7 - The Consumer Reports Restaurant Customer...Ch. 15.7 - A 10-year study conducted by the American Heart...Ch. 15.8 - Data for two variables, x and y, follow. xi 1 2 3...Ch. 15.8 - Data for two variables, x and y, follow. xi 22 24...Ch. 15.8 - Exercise 5 gave the following data on weekly gross...Ch. 15.8 - The following data show the curb weight,...Ch. 15.8 - Prob. 43E Ch. 15.9 - Refer to the Simmons Stores example introduced in...Ch. 15.9 - In Table 15.12 we provided estimates of the...Ch. 15.9 - Community Bank would like to increase the number...Ch. 15.9 - Over the past few years the percentage of students...Ch. 15.9 - The Tire Rack maintains an independent consumer...Ch. 15 - The admissions officer for Clearwater College...Ch. 15 - The personnel director for Electronics Associates...Ch. 15 - A partial computer output from a regression...Ch. 15 - Recall that in exercise 49, the admissions officer...Ch. 15 - Recall that in exercise 50 the personnel director...Ch. 15 - The Tire Rack, Americas leading online distributor...Ch. 15 - The Department of Energy and the U.S....Ch. 15 - A portion of a data set containing information for...Ch. 15 - Fortune magazine publishes an annual list of the...Ch. 15 - Consumer Research, Inc., is an independent agency...Ch. 15 - Matt Kenseth won the 2012 Daytona 500, the most...Ch. 15 - Finding the Best Car Value When trying to decide...

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