Introduction to Business Statistics
7th Edition
ISBN: 9781111792374
Author: WEIERS
Publisher: Cengage Learning
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Textbook Question
Chapter 16.2, Problem 16.14E
The following data have been reported for a sample of 10 major U.S. zoological parks:
a. Determine the least-squares multiple regression equation.
b. Interpret the y-intercept and partial regression coefficients.
c. What is the estimated budget for a zoological park that draws an annual attendance of 2.0 million, occupies 150 acres, and has 600 species?
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The St. Lucian Government is interested in predicting the number of weekly riders on the public buses using the following variables:
• • • •
Price of bus trips per weekThe population in the cityThe monthly income of ridersAverage rate to park your personal vehicle
Determine the multiple regression equation for the data.
What is the predicted value of the number of weekly riders if: price of bus trips per week = $24; population = $2,000,000; the monthly income of riders = $13,500; and average rate to park your personal vehicle = $150.
Interpret the coefficient of determination.
One of the biggest changes in higher education in recent years has been the growth of online universities. The Online Education Database is an independent organization whose mission is to build a comprehensive list of the top accredited online colleges. The following table shows the retention rate (%) and the graduation rate (%) for 29 online colleges.a). Use Excel Data Analysis Tool – Regression to get the relationship between the two variables;b). Create a scatter diagram for the two variables and display regression equation and R square on chart, then explain the relationship between the variables;c). Did the estimated regression equation provide a good fit?d). Suppose you were the president of South University. After reviewing the results, would you be able to use the regression result for forecasting.
College
RR(%)
GR(%)
Western International University
7
25
South University
51
25
University of Phoenix
4
28
American InterContinental University
29
32
Franklin…
a. Develop the least squares estimated regression equation that relates labor hours to house square footage and type of flooring.
b. Use the regression equation developed in part (a) to predict labor hours when the house size is 3350 square feet and the type of flooring is wood.
Chapter 16 Solutions
Introduction to Business Statistics
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