Kiplinger’s Personal Finance Magazine rated 359 U.S. metropolitan areas to determine the best cities to live, work, and play. The data contained in the data set named MetroAreas show the data from the Kiplinger study for the 50 metropolitan areas with a population of 1,000,000 or more (Kiplinger’s website, March 2, 2009). The data set includes the following variables: Population, Income, Cost of Living Index, and Creative (%). Population is the size of the population in 1000s; Income is the
- a. Develop a
scatter diagram for these data with median household income as the independent variable and the percentage of the workforce in creative fields as the dependent variable. Does a simple linear regression model appear to be appropriate? - b. Develop a scatter diagram for these data with the cost of living index as the independent variable and the percentage of the workforce in creative fields as the dependent variable. Does a simple linear regression model appear to be appropriate?
- c. Use the data provided to develop the best estimated multiple regression equation for estimating the percentage of the workforce in creative fields.
- d. The Tucson, Arizona, metropolitan area has a population of 946,362, a median household income of $42,984, and cost of living index of 99. Develop a prediction of the percentage of the workforce in creative fields for Tucson. Are there any factors that should be considered before using this predicted value?
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EBK STATISTICS FOR BUSINESS & ECONOMICS
- An Arts group holds a raffle. Each raffle ticket costs $2 and the raffle consists of 2500 tickets. The prize is a vacation worth $3,000. a. Determine your expected value if you buy one ticket. b. Determine your expected value if you buy five tickets. How much will the Arts group gain or lose if they sell all the tickets?arrow_forwardPlease show as much work as possible to clearly show the steps you used to find each solution. If you plan to use a calculator, please be sure to clearly indicate your strategy. Consider the following game. It costs $3 each time you roll a six-sided number cube. If you roll a 6 you win $15. If you roll any other number, you receive nothing. a) Find the expected value of the game. b) If you play this game many times, will you expect to gain or lose money?arrow_forward= 12:02 WeBWorK / 2024 Fall Rafeek MTH23 D02 / 9.2 Testing the Mean mu / 3 38 WEBWORK Previous Problem Problem List Next Problem 9.2 Testing the Mean mu: Problem 3 (1 point) Test the claim that the population of sophomore college students has a mean grade point average greater than 2.2. Sample statistics include n = 71, x = 2.44, and s = 0.9. Use a significance level of a = 0.01. The test statistic is The P-Value is between : The final conclusion is < P-value < A. There is sufficient evidence to support the claim that the mean grade point average is greater than 2.2. ○ B. There is not sufficient evidence to support the claim that the mean grade point average is greater than 2.2. Note: You can earn partial credit on this problem. Note: You are in the Reduced Scoring Period. All work counts for 50% of the original. Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining. . Oli wwm01.bcc.cuny.eduarrow_forward
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