Statistics for Business & Economics, Revised (with XLSTAT Education Edition Printed Access Card)
13th Edition
ISBN: 9781337094160
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 16.1, Problem 8E
Corvette, Ferrari, and Jaguar produced a variety of classic cars that continue to increase in value. The following data, based upon the Martin Rating System for Collectible Cars, show the rarity rating (1-20) and the high price ($1000) for 15 classic cars.
| Year | Make | Model | Rating | Price ($1000) |
| 19S4 | Chevrolet | Corvette | 18 | 1600.0 |
| 1956 | Chevrolet | Corvette 265/225-hp | 19 | 4000.0 |
| 1963 | Chevrolet | Corvette coupe (340-bhp 4-speed) | 18 | 1000.0 |
| 197S | Chevrolet | Corvette coupe Silver Anniversary | 19 | 1300.0 |
| 1960-1963 | Ferrari | 250 GTE 2+2 | 16 | 350.0 |
| 1962-1964 | Ferrari | 250 GTL Lusso | 19 | 2650.0 |
| 1962 | Ferrari | 250 GTO | 18 | 375.0 |
| 1967-196S | Ferrari | 275 GTB/4 NART Spyder | 17 | 450.0 |
| 196S-1973 | Ferrari | 365 GTB/4 Daytona | 17 | 140.0 |
| 1962-1967 | Jaguar | E-type OTS | 15 | 77.5 |
| 1969-1971 | Jaguar | E-type Series II OTS | 14 | 62.0 |
| 1971-1974 | Jaguar | E-type Series III OTS | 16 | 125.0 |
| 1951-1954 | Jaguar | XK 120 roadster (steel) | 17 | 400.0 |
| 1950-1953 | Jaguar | XK C-type | 16 | 250.0 |
| 1956-1957 | Jaguar | XKSS | 13 | 70.0 |
- a. Develop a
scatter diagram of the data using the rarity rating as the independent variable and price as the independent variable. Does a simple linear regression model appear to be appropriate? - b. Develop an estimated multiple regression equation with x = rarity rating and x2 as the two independent variables.
- c. Consider the nonlinear relationship shown by equation (16.7). Use logarithms to develop an estimated regression equation for this model.
- d. Do you prefer the estimated regression equation developed in part (b) or part (c)? Explain.
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Chapter 16 Solutions
Statistics for Business & Economics, Revised (with XLSTAT Education Edition Printed Access Card)
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 - In 2011, home prices and mortgage rates fell so...Ch. 16.1 - Corvette, Ferrari, and Jaguar produced a variety...Ch. 16.1 - Kiplingers Personal Finance Magazine rated 359...Ch. 16.2 - In a regression analysis involving 27...
Ch. 16.2 - In a regression analysis involving 30...Ch. 16.2 - The Ladies Professional Golfers Association (LPGA)...Ch. 16.2 - Refer to exercise 12. a. Develop an estimated...Ch. 16.2 - A 10-year study conducted by the American Heart...Ch. 16.2 - In baseball, an earned run is any run that the...Ch. 16.4 - A study provided data on variables that may be...Ch. 16.4 - Prob. 17ECh. 16.4 - Jeff Sagarin has been providing sports ratings for...Ch. 16.4 - Prob. 19ECh. 16.5 - Consider a completely randomized design involving...Ch. 16.5 - Prob. 21ECh. 16.5 - Prob. 22ECh. 16.5 - The Jacobs Chemical Company wants to estimate the...Ch. 16.5 - Four different paints are advertised as having the...Ch. 16.5 - An automobile dealer conducted a test to determine...Ch. 16.5 - A mail-order catalog firm designed a factorial...Ch. 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 31. Consider a model...Ch. 16 - Refer to the data in exercise 31. a. Develop an...Ch. 16 - Prob. 34SECh. 16 - Rating Wines from the Piedmont Region of Italy...
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