EBK STATISTICS FOR BUSINESS & ECONOMICS
EBK STATISTICS FOR BUSINESS & ECONOMICS
12th Edition
ISBN: 8220100460463
Author: Anderson
Publisher: CENGAGE L
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Chapter 15, Problem 57SE

Fortune magazine publishes an annual list of the 100 best companies to work for. The data in the file 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 (S1000s) 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.

Rank Company Size

Salaried

($1000s)

Hourly

($1000s)

4 Wegmans Food Markets Large 56 29
6 NetApp Midsize 1 43 76
7 Camden Property Trust Small 71 37
8 Recreational Equipment (REI) Large 103 28
10 Quicken Loans Midsize 78 54
11 Zappos.com Midsize 48 25
12 Mercedes-Benz USA Small 118 50
20 USAA Large 96 47
22 The Container Store Midsize 71 45
25 Ultimate Software Small 166 56
37 Plante Moran Small 73 45
42 Baptist Health South Florida Large 126 80
50 World wide Technology Small 129 31
53 Methodist Hospital Large 100 83
58 Perkins Coie Small 189 63
60 American Express Large 114 35
64 TDIndustries Small 93 47
66 QuikTrip Large 69 44
72 EOG Resources Small 189 81
75 FactSet Research Systems Small 103 51
80 Stryker Large 71 43
81 SRC Small 84 33
84 Booz Allen Hamilton Large 105 77
91 CarMax Large 57 34
93 GoDaddy.com Midsize 105 71
94 KPMG Large 79 59
95 Navy Federal Credit Union Midsize 77 39
97 Schweitzer Engineering Labs Small 99 28
99 Darden Restaurants Large 57 24
100 Intercontinental Hotels Group Large 63 26
  1. 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.
  2. b. Use α = .05 to test for overall significance.
  3. 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.
  4. 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.
  5. 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

EBK STATISTICS FOR BUSINESS & ECONOMICS

Ch. 15.3 - In exercise 1, the following estimated regression...Ch. 15.3 - Prob. 12ECh. 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. 17ECh. 15.3 - Prob. 18ECh. 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. 23ECh. 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. 30ECh. 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. 43ECh. 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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