Applied Statistics in Business and Economics
5th Edition
ISBN: 9780077837303
Author: David Doane, Lori Seward Senior Instructor of Operations Management
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 3, Problem 14CR
What is a pivot table? Why is it useful?
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A real estate analyst believes that the three main factors that influence an apartment's rent in a college town are the number of bedrooms, the number of
bathrooms, and the apartment's square footage. For 40 apartments, she collects data on the rent (y, in $), the number of bedrooms (x1), the number of
bathrooms (x2), and its square footage (x3). She estimates the following model: Rent = Bo + B1 Bedroom + B2 Bath + B3Sqft + ɛ. The
following table shows a portion of the regression results.
df
MS
Significance F
Regression
3
5,694,717
1,898,239
50.88
4.99E-13
Residual
36
1,343,176
37,310
Total
39
7,037,893
Coefficients
Standard Error
t-stat
p-value
Intercept
300
84.0
3.57
0.0010
Bedroom
226
60.3
3.75
0.0006
Bath
89
55.9
1.59
0.1195
Sqft
0.2
0.09
2.22
0.0276
When testing whether the explanatory variables jointly influence the response variable, the null hypothesis is
Multiple Choice
Họ: Bo = B1 = B2 = B3 = 0
Họ: B1 = B2 = B3 = 0
A real estate analyst believes that the three main factors that influence an apartment's rent in a college town are the number of bedrooms, the number of
bathrooms, and the apartment's square footage. For 40 apartments, she collects data on the rent (y, in $), the number of bedrooms (x1), the number of
bathrooms (x2), and its square footage (x3). She estimates the following model as Rent = Bo + ß1 Bedroom + B2 Bath + B3 Sqft + ɛ. The following
ANOVA table shows a portion of the regression results.
df
MS
Regression
3
5,694,798
1,898,266
50.88
Residual
36
1,343,142
37,310
Total
39
7,037,940
Coefficients
Standard Error
t-stat
p-value
Intercept
280
106.0
2.64
0.0030
Bedroom
218
57.5
3.79
0.0005
Bath
95
53.8
1.77
0.1172
Sqft
0.4
0.1
4
0.0284
The slope coefficient for Bedroom indicates that, holding other explanatory variables constant,
Multiple Choice
for each additional bedroom the rent is predicted to increase by $0.40
for each additional bedroom the rent is predicted to increase by $218
A real estate analyst believes that the three main factors that influence an apartment's rent in a college town are the number of bedrooms, the number of
bathrooms, and the apartment's square footage. For 40 apartments, she collects data on the rent (y, in $), the number of bedrooms (x1), the number of bathrooms
(x2), and its square footage (x3). She estimates the following model as Rent = Bo + B1 Bedroom + 82 Bath + 83 Sqft + 2. The following ANOVA table shows a
portion of the regression results.
df
MS
Regression
3
5,694,727
1,898,242
50.88
Residual
36
1,343,171
37,310
Total
39
7,037,898
Coefficients
Standard Error
t-stat
p-value
Intercept
308
110.0
2.8
0.0010
Bedroom
248
60.8
4.08
0.0007
Bath
92
53.9
1.71
0.1192
Sqft
0.1
0.05
0.0277
The slope coefficient for Bedroom indicates that, holding other explanatory variables constant,
Chapter 3 Solutions
Applied Statistics in Business and Economics
Ch. 3.1 - (a) Make a stem-and-leaf plot for these 24...Ch. 3.1 - (a) Make a stem-and-leaf plot for the number of...Ch. 3.1 - Prob. 3SECh. 3.2 - (a) The table shows the number of days on the...Ch. 3.2 - (a) The table shows raw scores on a state civil...Ch. 3.2 - (a) Make a frequency distribution and histogram...Ch. 3.2 - (a) Make a frequency distribution and histogram...Ch. 3.2 - (a) Make a frequency distribution and histogram...Ch. 3.2 - For each frequency distribution, suggest nice...Ch. 3.2 - Below are sorted data showing average spending per...
Ch. 3.4 - (a) Use Excel to prepare a line chart to display...Ch. 3.4 - Prob. 12SECh. 3.4 - Prob. 13SECh. 3.4 - (a) Use Excel to prepare a line chart to display...Ch. 3.5 - Prob. 15SECh. 3.5 - Prob. 16SECh. 3.6 - (a) Use Excel to prepare a 2-D pie chart for these...Ch. 3.6 - Prob. 19SECh. 3.6 - Prob. 20SECh. 3.7 - (a) Use Excel to make a scatter plot of the data...Ch. 3.7 - Prob. 22SECh. 3.7 - Prob. 23SECh. 3.7 - (a) Use Excel to make a scatter plot of the data,...Ch. 3 - Name two attractive features and two limitations...Ch. 3 - (a) What is a frequency distribution? (b) What are...Ch. 3 - (a) What is a histogram? (b) What does it show?Ch. 3 - (a) What is a bimodal histogram? (b) Explain the...Ch. 3 - (a) What is a scatter plot? (b) What do scatter...Ch. 3 - For what kind of data would we use a bar chart?...Ch. 3 - For what kind of data would we use a line chart?...Ch. 3 - (a) List the three most common types of charts in...Ch. 3 - (a) For what kind of data would we use a pie...Ch. 3 - Which types of charts can be used for time series...Ch. 3 - (a) When might we need a log scale? (b) What do...Ch. 3 - When might we use a stacked column chart? An area...Ch. 3 - List five deceptive graphical techniques.Ch. 3 - What is a pivot table? Why is it useful?Ch. 3 - The durations (minutes) of 26 electric power...Ch. 3 - The U.S. Postal Service will ship a Priority Mail,...Ch. 3 - A study of 40 U.S. cardiac care centers showed the...Ch. 3 - Prob. 28CECh. 3 - Prob. 29CECh. 3 - Below are batting averages of the New York Yankees...Ch. 3 - Download the full data set of measurements of...Ch. 3 - Prob. 32CECh. 3 - Download the full data set from the McGraw-Hill...Ch. 3 - (a) What kind of display is this? (b) Identify its...Ch. 3 - (a) What kind of display is this? (b) Identify its...Ch. 3 - Prob. 36CECh. 3 - (a) What kind of display is this? (b) Identify its...Ch. 3 - Prob. 38CECh. 3 - (a) What kind of display is this? (b) Identify its...Ch. 3 - (a) What kind of display is this? (b) Identify its...Ch. 3 - Prob. 41CECh. 3 - Prob. 42CECh. 3 - (a) Use Excel to prepare an appropriate type of...Ch. 3 - Prob. 44CECh. 3 - Prob. 45CECh. 3 - (a) Use Excel to prepare an appropriate type of...Ch. 3 - Prob. 47CECh. 3 - (a) Use Excel to prepare an appropriate type of...
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- The demand and supply equations for a flat-screen television are p=5670.00002xDemandequationp=4920.00003xSupplyequation where p is the price per unit (in dollars) and x is the number of units. Find the consumer surplus and producer surplus for these two equations.arrow_forwardUpper management has asked you to construct a pivot table and pivot chart showing a. Annual Charges in rows and group annual charges (each group width must be $12,000) b. Household size in columns and group the household size by 3. Interpret the pivot table/chart. 6. You are also asked to create two more pivot table/chart (you can pick any variable, any group size, any variable in rows and columns etc.). The rows/columns in your pivot table must be different than Part 5. Explain why you picked these pivot table? What does pivot chart tell us about the dataset? Please remember data visualization is very useful if they provide us a story about the dataset, if your graph and pivot table is not clear and not explaining data well, it will not be useful Account Number x1Annual Income ($1000) x2Household Size x3Years of Post-High School Education x4Hours Per Week Watching Television x5Age x6Gender(1:Female, 0:Male) x7Exceded Credit Limit in Past 12 Months?(No:0, Yes:1) yAnnual Charges ($)…arrow_forwardexplainarrow_forward
- I need help with the question and explain the solutions.arrow_forwardWhat are the key components of a mathematical system model, and how can they be represented in a mathematical framework?arrow_forwardSearch for 5 economic models or linear equations in economics. Briefly explain the concept of the model or equation and identify which are the dependent variable and independent variables.arrow_forward
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