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 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 |
- 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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1- Let A = {A1, A2, ...), in which A, A, = 0, when i j.
a) Is A a π-system? If not, which element(s) should be added to A to become a π-system?
b) Prove that σ(A) consists of the finite or countable unions of elements of A; i.c., A E σ(A) if and
only if there exists finite or countable sequence {n} such that A = U₁An (Hint: Let F be such
class; prove that F is a σ-filed containing A.)
c) Let p ≥ 0 be a sequence of non-negative real numbers with Σip₁ = 1. Using p₁'s, how do you
construct a probability measure on σ(A)? (Hint: use extension theorem.)
2- Construct an example for which P(lim sup A,) = 1 and P(lim inf An) = 0.
In a town with 5000 adults, a sample of 50 is selected using SRSWOR and asked their opinion of a proposed municipal project; 30 are found to favor it and 20 oppose it. If, in fact, the adults of the town were equally divided on the proposal, what would be the probability of observing what has been observed? Approximate using the Binomial distribution. Compare this with the exact probability which is 0.0418.
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. 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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