Modern Business Statistics with Microsoft Excel (MindTap Course List)
5th Edition
ISBN: 9781285433301
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams
Publisher: Cengage Learning
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Chapter 15, Problem 51SE
Fortune magazine publishes an annual list of the 100 best companies to work for. The data in the DATAfile named FortuneBest shows a portion of the data for a random sample of 30 of the companies that made the top 100 list for 2012 (Fortune, February 6, 2012). The column labeled Rank shows the rank of the company in the Fortune 100 list; the column labeled Size indicates whether the company is a small, midsize, or large company; the column labeled Salaried ($1000s) shows the average annual salary for salaried employees rounded to the nearest $1000; and the column labeled Hourly ($1000s) shows the average annual salary for hourly employees rounded to the nearest $1000. Fortune defines large companies as having more than 10,000 employees, midsize companies as having between 2500 and 10,000 employees, and small companies as having fewer than 2500 employees.
- a. Use these data to develop an estimated regression equation that could be used to predict the average annual salary for salaried employees given the average annual salary for hourly employees.
- b. Use α = .05 to test for overall significance.
- c. To incorporate the effect of size, a categorical variable with three levels, we used two dummy variables: Size-Midsize and Size-Small. The value of Size-Midsize = 1 if the company is a midsize company and 0 otherwise. And the value of Size-Small = 1 if the company is a small company and 0 otherwise. Develop an estimated regression equation that could be used to predict the average annual salary for salaried employees given the average annual salary for hourly employees and the size of the company.
- d. For the estimated regression equation developed in part (c), use the t test to determine the significance of the independent variables. Use α = .05.
- e. Based upon your findings in part (d), develop an estimated regression equation that can be used to predict the average annual salary for salaried employees given the average annual salary for hourly employees and the size of the company.
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Chapter 15 Solutions
Modern Business Statistics with Microsoft Excel (MindTap Course List)
Ch. 15.2 - 1. The estimated regression equation for a model...Ch. 15.2 - Consider the following data for a dependent...Ch. 15.2 - Prob. 3ECh. 15.2 - 4. A shoe store developed the following estimated...Ch. 15.2 - The owner of Showtime Movie Theaters, Inc. would...Ch. 15.2 - NFL Winning Percentage. The National Football...Ch. 15.2 - Prob. 7ECh. 15.2 - Scoring Cruise Ships. The Condé Nast Traveler Gold...Ch. 15.2 - The Professional Golfers Association (PGA)...Ch. 15.2 - Baseball Pitcher Performance. Major League...
Ch. 15.3 - 11. In exercise 1, the following estimated...Ch. 15.3 - 12. In exercise 2, 10 observations were provided...Ch. 15.3 - Prob. 13ECh. 15.3 - Prob. 14ECh. 15.3 - 15. In exercise 5, the owner of Showtime Movie...Ch. 15.3 - Prob. 16ECh. 15.3 - In part (d) of exercise 9, data contained in the...Ch. 15.3 - Prob. 18ECh. 15.5 - In exercise 1, the following estimated regression...Ch. 15.5 - Prob. 20ECh. 15.5 - Prob. 21ECh. 15.5 - Prob. 22ECh. 15.5 - Testing Significance in Theater Revenue. Refer to...Ch. 15.5 - Prob. 24ECh. 15.5 - The Condé Nast Traveler Gold List provides ratings...Ch. 15.5 - Prob. 26ECh. 15.6 - Prob. 27ECh. 15.7 - 32. Consider a regression study involving a...Ch. 15.7 - Prob. 33ECh. 15.7 - 34. Management proposed the following regression...Ch. 15.7 - Repair Time. Refer to the Johnson Filtration...Ch. 15.7 - Prob. 36ECh. 15.7 - The Consumer Reports Restaurant Customer...Ch. 15.8 - Prob. 40ECh. 15.8 - Exercise 5 gave the following data on weekly gross...Ch. 15.8 - The following table reports the price, horsepower,...Ch. 15.8 - Prob. 43ECh. 15 - 49. The admissions officer for Clearwater College...Ch. 15 - The personnel director for Electronics Associates...Ch. 15 - Prob. 46SECh. 15 - Recall that in exercise 44, the admissions officer...Ch. 15 - Recall that in exercise 45 the personnel director...Ch. 15 - Prob. 49SECh. 15 - Prob. 50SECh. 15 - Fortune magazine publishes an annual list of the...Ch. 15 - The National Basketball Association (NBA) records...Ch. 15 - Consumer Research, Inc., is an independent agency...Ch. 15 - Matt Kenseth won the 2012 Daytona 500, the most...Ch. 15 - When trying to decide what car to buy, real value...
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