APPLIED STAT.IN BUS.+ECONOMICS
6th Edition
ISBN: 9781259957598
Author: DOANE
Publisher: RENT MCG
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Chapter 15, Problem 44CE
Instructions: In all exercises, include software results (e.g., from Excel, MegaStat, or Minitab) to support your calculations. State the hypotheses, show how the degrees of freedom are calculated, find the critical value of chi-square from Appendix E or from Excel’s
Refer back to Table 15.11, which shows the distribution of the number of U.S. Supreme Court appointments per year from 1900–1999. During the next 17 years (2000–2016), there were four Supreme Court appointments with one each in the years 2005, 2006, 2009, and 2010. Redo the Poisson GOF test to determine if the assumption of a Poisson distribution is still reasonable for the years 1900–2016. Note that the number of years in this
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3. Bayesian Inference – Updating Beliefs
A medical test for a rare disease has the following characteristics:
Sensitivity (true positive rate): 99%
Specificity (true negative rate): 98%
The disease occurs in 0.5% of the population.
A patient receives a positive test result.
Questions:
a) Define the relevant events and use Bayes’ Theorem to compute the probability that the patient actually has the disease.b) Explain why the result might seem counterintuitive, despite the high sensitivity and specificity.c) Discuss how prior probabilities influence posterior beliefs in Bayesian inference.d) Suppose a second, independent test with the same accuracy is conducted and is also positive. Update the probability that the patient has the disease.
4. Linear Regression - Model Assumptions and Interpretation
A real estate analyst is studying how house prices (Y) are related to house size in square feet (X). A simple
linear regression model is proposed:
The analyst fits the model and obtains:
•
Ŷ50,000+150X
YBoB₁X + €
•
R² = 0.76
• Residuals show a fan-shaped pattern when plotted against fitted values.
Questions:
a) Interpret the slope coefficient in context.
b) Explain what the R² value tells us about the model's performance.
c) Based on the residual pattern, what regression assumption is likely violated? What might be the
consequence?
d) Suggest at least two remedies to improve the model, based on the residual analysis.
Chapter 15 Solutions
APPLIED STAT.IN BUS.+ECONOMICS
Ch. 15.1 - Instructions: For each exercise, include software...Ch. 15.1 - Instructions: For each exercise, include software...Ch. 15.1 - Instructions: For each exercise, include software...Ch. 15.1 - Instructions: For each exercise, include software...Ch. 15.1 - Prob. 5SECh. 15.2 - U.S. market share for smartphones with larger...Ch. 15.2 - Prob. 7SECh. 15.3 - Prob. 8SECh. 15.3 - Prob. 9SECh. 15.3 - In a three-digit lottery, each of the three digits...
Ch. 15.3 - Ages of 56 attendees of a recent Star Wars movie...Ch. 15.4 - Excel was asked to generate 50 Poisson random...Ch. 15.4 - Prob. 13SECh. 15.4 - Prob. 14SECh. 15.5 - Exam scores of 40 students in a statistics class...Ch. 15.5 - One Friday night, there were 42 carry-out orders...Ch. 15.6 - Prob. 17SECh. 15.6 - Prob. 18SECh. 15 - Prob. 1CRCh. 15 - Prob. 2CRCh. 15 - Prob. 3CRCh. 15 - Prob. 4CRCh. 15 - Prob. 5CRCh. 15 - Prob. 6CRCh. 15 - Prob. 7CRCh. 15 - Prob. 8CRCh. 15 - Prob. 9CRCh. 15 - Prob. 10CRCh. 15 - (a) Name potential advantages of the...Ch. 15 - (a) What does a probability plot show? (b) If the...Ch. 15 - (a) Name two advantages of the Anderson-Darling...Ch. 15 - Prob. 19CECh. 15 - Prob. 20CECh. 15 - Prob. 21CECh. 15 - Prob. 22CECh. 15 - Prob. 23CECh. 15 - Prob. 24CECh. 15 - Instructions: In all exercises, include software...Ch. 15 - Prob. 26CECh. 15 - Prob. 27CECh. 15 - Prob. 28CECh. 15 - Prob. 29CECh. 15 - Prob. 30CECh. 15 - Prob. 31CECh. 15 - Prob. 32CECh. 15 - Prob. 33CECh. 15 - Prob. 34CECh. 15 - Prob. 35CECh. 15 - Prob. 36CECh. 15 - Prob. 37CECh. 15 - Prob. 38CECh. 15 - Instructions: In all exercises, include software...Ch. 15 - Instructions: In all exercises, include software...Ch. 15 - Instructions: In all exercises, include software...
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