Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
6th Edition
ISBN: 9781337115186
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Textbook Question
Chapter 16, Problem 2CP
Wine Spectator magazine contains articles and reviews on every aspect of the wine industry, including ratings of wine from around the world. In a recent issue they reviewed and scored 475 wines from the Piedmont region of Italy using a 100-point scale. The following table shows how the Wine Spectator score each wine received is used to rate each wine as being classic, outstanding, very good, good, mediocre, or not recommended.
A key question for most consumers is whether paying more for a bottle of wine will result in a better wine. To investigate this question for wines from the Piedmont region we selected a random sample of 100 of the 475 wines that Wine Spectator reviewed. The data, contained in the DATAfile named WineRatings, shows the price ($), the Wine Spectator score, and the rating for each wine.
Managerial Report
- 1. Develop a table that shows the number of wines that were classified as classic, outstanding, very good, good, mediocre, and not recommended and the average price. Does there appear to be any relationship between the price of the wine and the Wine Spectator rating? Are there any other aspects of your initial summary of the data that stand out?
- 2. Develop a
scatter diagram with price on the horizontal axis and the Wine Spectator score on the vertical axis. Does the relationship between price and score appear to be linear? - 3. Using linear regression, develop an estimated regression equation that can be used to predict the score given the price of the wine.
- 4. Using a second-order model, develop an estimated regression equation that can be used to predict the score given the price of the wine.
- 5. Compare the results from fitting a linear model and fitting a second-order model.
- 6. As an alternative to fitting a second-order model, fit a model using the natural logarithm of price as the independent variable. Compare the results with the second-order model.
- 7. Based upon your analysis, would you say that spending more for a bottle of wine will provide a better wine?
- 8. Suppose that you want to spend a maximum of $30 for a bottle of wine. In this case, will spending closer to your upper limit for price result in a better wine than a much lower price?
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Chapter 16 Solutions
Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
Ch. 16.1 - Consider the following data for two variables, x...Ch. 16.1 - Consider the following data for two variables, x...Ch. 16.1 - Prob. 3ECh. 16.1 - A highway department is studying the relationship...Ch. 16.1 - In working further with the problem of exercise 4,...Ch. 16.1 - A study of emergency service facilities...Ch. 16.1 - Home Depot, a nationwide home improvement...Ch. 16.1 - Corvette, Ferrari, and Jaguar produced a variety...Ch. 16.1 - The film Suicide Squad has an average rating of...Ch. 16.2 - In a regression analysis involving 27...
Ch. 16.2 - Prob. 11ECh. 16.2 - The Professional Golfers’ Association of America...Ch. 16.2 - Refer to exercise 12.
Develop an estimated...Ch. 16.2 - A 10-year study conducted by the American Heart...Ch. 16.2 - The average monthly residential gas bill for Black...Ch. 16.5 - Prob. 16ECh. 16.5 - Prob. 17ECh. 16.5 - Prob. 18ECh. 16.5 - Prob. 19ECh. 16.5 - Prob. 20ECh. 16.5 - Prob. 21ECh. 16.5 - Prob. 22ECh. 16.5 - Prob. 23ECh. 16.6 - The following data show the daily closing prices...Ch. 16.6 - Refer to the Cravens data set in Table 16.5. In...Ch. 16 - A sample containing years to maturity and yield...Ch. 16 - Consumer Reports tested 19 different brands and...Ch. 16 - A study investigated the relationship between...Ch. 16 - Refer to the data in exercise 28. Consider a model...Ch. 16 - Refer to the data in exercise 28.
Develop an...Ch. 16 - Prob. 31SECh. 16 - The Ladies Professional Golf Association (LPGA)...Ch. 16 - Wine Spectator magazine contains articles and...
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