Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
6th Edition
ISBN: 9781337115186
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Chapter 3, Problem 71SE
NFL Teams Worth. In 2014, the 32 teams in the National Football League (NFL) were worth, on average, $1.17 billion, 5% more than in 2013. The following data show the annual revenue ($ millions) and the estimated team value ($ millions) for the 32 NFL teams in 2014 (Forbes website).
- a. Develop a
scatter diagram with Revenue on the horizontal axis and Value on the vertical axis. Does there appear that there is any relationship between the two variables? - b. What is the sample
correlation coefficient ? What can you say about the strength of the relationship between Revenue and Value?
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Southwest Airlines had 81.1 million domestic boardings in a recent year, followed by Delta Airlines with 79.4 million, American Airlines with 72.6 million, United Airlines with 56.3 million, Northwest Airlines with 43.3 million, US Airways with 37.8 million, and Continental Airlines with 31.5 million, according to T-100 Domestic Market.
Construct a pie chart to depict this information.
List down the variable of the above data.
Describe whether each variable are qualitative or quantitative data? Explain your answer.
Describe the level of measurement for the variables. Explain your answer.
16
20
40
60
80
100
Miles (1000s)
120
Scatter diagram 1
b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?
Negative relationship
c. Develop the estimated regression equation that could be used to predict the price ($1000s) (to 4 decimals).
16.469
.0588
I
d. Test for a significant relationship at the 0.05 level of significance (to 3 decimals).
p-value=
less than
α = 0.05.
e. Did the estimated regression equation provide a good fit?
Yes
f. Provide terpretation for the slope of the estimated regression equation (to 4 decimals but dollar value to the nearest cent). Enter negative values as negative numbers.
The slope of the estimated regression is -.0588. Therefore, every additional 1,000 miles on the car's odometr will result in a $
predicted price.
decrease
in the
g. Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles. Using the estimated regression equation developed in…
The number of yearly visits to physicians' offices varies in part by the age of the patient. For the data shown in the table, a
represents the age of patients (in yr) and n(a) represents the corresponding number of visits to physicians' offices per year.
(Source: Centers for Disease Control, www.cdc.gov)
35
20
55
65
85
6.7
п(a)
2.7
2.0
2.5
3.7
7.6
a. Use regression to find a quadratic function to model the data.
b. At what age is the number of yearly visits to physicians' offices the least? Round to the nearest year of age.
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Chapter 3 Solutions
Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
Ch. 3.1 - 1. Consider a sample with data values of 10, 20,...Ch. 3.1 - 2. Consider a sample with data values of 10, 20,...Ch. 3.1 - 3. Consider the following data and corresponding...Ch. 3.1 - Prob. 4ECh. 3.1 - Prob. 5ECh. 3.1 - Prob. 6ECh. 3.1 - 7. The average number of minutes Americans commute...Ch. 3.1 - Middle-Level Manager Salaries. Suppose that an...Ch. 3.1 - 9. Which companies spend the most money on...Ch. 3.1 - Advertising Spending. Which companies spend the...
Ch. 3.1 - Prob. 11ECh. 3.1 -
The Big Bang Theory, a situation comedy...Ch. 3.1 - Automobile Fuel Efficiencies. In automobile...Ch. 3.1 -
The data contained in the DATAfile named...Ch. 3.1 - 15. Martinez Auto Supplies has retail stores...Ch. 3.1 - 16. The grade point average for college students...Ch. 3.1 - 17. The following table shows the total return and...Ch. 3.1 - 18. Based on a survey of master’s programs in...Ch. 3.1 - Annual revenue for Corning Supplies grew by 5.5%...Ch. 3.1 - Suppose that at the beginning of Year 1 you...Ch. 3.1 - Prob. 21ECh. 3.1 - Prob. 22ECh. 3.2 - 23. Consider a sample with data values of 10, 20,...Ch. 3.2 - Prob. 24ECh. 3.2 - Consider a sample with data values of 27, 25, 20,...Ch. 3.2 - Price of Unleaded Gasoline. Data collected by the...Ch. 3.2 - Round-Trip Flight Prices. The following table...Ch. 3.2 -
The Australian Open is the first of the four...Ch. 3.2 - Air Quality Index. The Los Angeles Times regularly...Ch. 3.2 - Prob. 30ECh. 3.2 -
The results of Accounting Principals’ latest...Ch. 3.2 - Advertising Spend by Companies. Advertising Age...Ch. 3.2 - Scores turned in by an amateur golfer at the...Ch. 3.2 - Consistency of Running Times. The following times...Ch. 3.3 - 35. Consider a sample with data values of 10, 20,...Ch. 3.3 - 36. Consider a sample with a mean of 500 and a...Ch. 3.3 - 37. Consider a sample with a mean of 30 and a...Ch. 3.3 - 38. Suppose the data have a bell-shaped...Ch. 3.3 - 39. The results of a national survey showed that...Ch. 3.3 - 40. The energy information Administration reported...Ch. 3.3 - 41. The Graduate Management Admission Test (GMAT)...Ch. 3.3 - 42. Many families in California are using backyard...Ch. 3.3 -
According to a Los Angeles Times study of more...Ch. 3.3 - NCAA Basketball Game Scores. A sample of 10 NCAA...Ch. 3.3 -
The Wall Street Journal reported that Walmart...Ch. 3.4 - Consider a sample with data values of 27, 25, 20,...Ch. 3.4 - Prob. 47ECh. 3.4 - Prob. 48ECh. 3.4 - Prob. 49ECh. 3.4 - Naples Half-Marathon Times. Naples, Florida, hosts...Ch. 3.4 - Pharmaceutical Company Sales. Annual sales, in...Ch. 3.4 - Cell Phone Companies Customer Satisfaction....Ch. 3.4 - Most Admired Companies. Fortune magazine’s list of...Ch. 3.4 - Prob. 54ECh. 3.5 - Five observations taken for two variables...Ch. 3.5 - Prob. 56ECh. 3.5 - The DATAfile TwoStocks contains adjusted monthly...Ch. 3.5 - Driving Speed and Fuel Efficiency. A department of...Ch. 3.5 - Smoke Detector Use and Death Rates. Over the past...Ch. 3.5 - Stock Market Indexes Comparison. The Russell 1000...Ch. 3.5 - Best Private Colleges. A random sample of 30...Ch. 3 - Americans Dining Out. Americans tend to dine out...Ch. 3 - NCAA Football Coaches Salaries. A 2017 USA Today...Ch. 3 - Physician Office Waiting Times. The average...Ch. 3 - Worker Productivity and Insomnia. U.S. companies...Ch. 3 -
A study of smartphone users shows that 68% of...Ch. 3 - Work Commuting Methods. Public transportation and...Ch. 3 - Household Incomes. The following data represent a...Ch. 3 - Restaurant Chains’ Sales per Store. The data...Ch. 3 - Prob. 70SECh. 3 - NFL Teams Worth. In 2014, the 32 teams in the...Ch. 3 - MLB Team Winning Percentages. Does a major league...Ch. 3 - 73. The days to maturity for a sample of five...Ch. 3 - 74. Automobiles traveling on a road with a posted...Ch. 3 - Annual Returns for Panama Railroad Company Stock....Ch. 3 - Pelican Stores, a division of National Clothing,...Ch. 3 -
The motion picture industry is a competitive...Ch. 3 - The pursuit of a higher education degree in...Ch. 3 - Although millions of elephants once roamed across...
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