Bundle: Statistics for Business & Economics, Loose-leaf Version, 13th + MindTap Business Statistics with XLSTAT, 2 terms (12 months) Printed Access Card
13th Edition
ISBN: 9781337127264
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Chapter 20.2, Problem 3E
A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2012 and 2014 are given here.
- a. Compute the price relatives for each of the component suppliers separately. Compare the price increases by the suppliers over the two-year period.
- b. Compute an unweighted aggregate price index for the component part in 2014.
- c. Compute a 2014 weighted aggregate price index for the component part. What is the interpretation of this index for the manufacturing firm?
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Reconsider the patient satisfaction data in Table 1. Fit a multiple regression model using both patient age and
severity as the regressors.
(a) Test for significance of regression.
(b) Test for the individual contribution of the two regressors. Are both regressor variables needed in the model?
(c) Has adding severity to the model improved the quality of the model fit? Explain your answer.
The output voltage of a power supply is assumed to be normally distributed. Sixteen observations taken at
random on voltage are as follows: 10.35, 9.30, 10.00, 9.96, 11.65, 12.00, 11.25, 9.58, 11.54, 9.95, 10.28, 8.37,
10.44, 9.25, 9.38, and 10.85.
(a) Test the hypothesis that the mean voltage equals 12 V against a two-sided alternative using a = 0.05.
(b) Construct a 95% two-sided confidence interval on μ.
(c) Test the hypothesis that σ² = 11 using α = 0.05.
(d) Construct a 95% two-sided confidence interval on σ.
(e) Construct a 95% upper confidence interval on σ.
(f) Does the assumption of normality seem reasonable for the output voltage?
Analyze the residuals from the regression model on the patient satisfaction data from Exercise 3. Comment on
the adequacy of the regression model.
Chapter 20 Solutions
Bundle: Statistics for Business & Economics, Loose-leaf Version, 13th + MindTap Business Statistics with XLSTAT, 2 terms (12 months) Printed Access Card
Ch. 20.2 - The following table reports prices and usage...Ch. 20.2 - An item with a price relative of 132 cost 10.75 in...Ch. 20.2 - A large manufacturer purchases an identical...Ch. 20.2 - Prob. 4ECh. 20.2 - Under the last-in, first-out (LIFO) inventory...Ch. 20.3 - Price relatives for three items, along with...Ch. 20.3 - The Mitchell Chemical Company produces a special...Ch. 20.3 - Prob. 8ECh. 20.3 - Compute the price relatives for the RB Beverages...Ch. 20.5 - Registered nurses in 2007 made an average hourly...
Ch. 20.5 - The average hourly wage rate for construction...Ch. 20.5 - Shipments of product from manufacturer to the...Ch. 20.5 - The revenue for Google for the years 2010-2014 is...Ch. 20.7 - Data on quantities of three items sold in Year 1...Ch. 20.7 - Prob. 15ECh. 20.7 - Prob. 16ECh. 20 - Many factors influence the retail price of...Ch. 20 - Nickerson Manufacturing Company has the following...Ch. 20 - Prob. 19ECh. 20 - Prob. 20ECh. 20 - Prob. 21ECh. 20 - Prob. 22ECh. 20 - Seafood price and quantity data are reported by...Ch. 20 - Prob. 24ECh. 20 - Prob. 25ECh. 20 - Prob. 26E
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