Understanding Basic Statistics
7th Edition
ISBN: 9781305254060
Author: Charles Henry Brase, Corrinne Pellillo Brase
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 1CR
Statistical Literacy Suppose the
Expert Solution & Answer
To determine
The value of the sample correlation coefficient when the scatter diagram shows no linear relationship between x and y.
Answer to Problem 1CR
Solution: The sample correlation coefficient is close to 0.
Explanation of Solution
The range of the value of the correlation coefficient (r) is
So, if the scatter diagram shows that there is no linear relationship between x and y, then the value of the sample correlation coefficient is expected to be near to 0.
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Students have asked these similar questions
2. The owner of several used-car dealerships believes that the
selling price of a used car can best be predicted using the car's
age. He uses data on the recent selling price (in $) and age of
20 used sedans to estimate Price = Po + B₁Age + ε. A portion
of the regression results is shown in the accompanying table.
Standard
Coefficients
Intercept
21187.94
Error
733.42
t Stat p-value
28.89 1.56E-16
Age
-1208.25
128.95 -9.37
2.41E-08
a. What is the estimate for B₁? Interpret this value.
b. What is the sample regression equation?
C. Predict the selling price of a 5-year-old sedan.
ian income of $50,000.
erty rate of
13. Using data from 50 workers, a researcher estimates Wage =
Bo+B,Education + B₂Experience + B3Age+e, where Wage
is the hourly wage rate and Education, Experience, and Age
are the years of higher education, the years of experience, and
the age of the worker, respectively. A portion of the regression
results is shown in the following table. ni ogolloo bash
1
Standard
Coefficients error
t stat p-value
Intercept
7.87
4.09
1.93
0.0603
Education
1.44
0.34
4.24 0.0001
Experience
0.45
0.14
3.16
0.0028
Age
-0.01
0.08 -0.14 0.8920
a. Interpret the estimated coefficients for Education and
Experience.
b. Predict the hourly wage rate for a 30-year-old worker
with four years of higher education and three years of
experience.
1. If a firm spends more on advertising, is it likely to increase
sales? Data on annual sales (in $100,000s) and advertising
expenditures (in $10,000s) were collected for 20 firms in order
to estimate the model Sales = Po + B₁Advertising + ε. A portion
of the regression results is shown in the accompanying table.
Intercept
Advertising
Standard
Coefficients
Error
t Stat
p-value
-7.42
1.46
-5.09
7.66E-05
0.42
0.05
8.70
7.26E-08
a. Interpret the estimated slope coefficient.
b. What is the sample regression equation?
C.
Predict the sales for a firm that spends $500,000
annually on advertising.
Chapter 4 Solutions
Understanding Basic Statistics
Ch. 4.1 - Note: Answers may vary due to rounding....Ch. 4.1 - Note: Answers may vary due to rounding....Ch. 4.1 - Note: Answers may vary due to rounding....Ch. 4.1 - Note: Answers may vary due to rounding....Ch. 4.1 - Critical Thinking: Linear Correlation Look at the...Ch. 4.1 - Critical Thinking: Linear Correlation Look at the...Ch. 4.1 - Critical Thinking: Lurking Variables Over the past...Ch. 4.1 - Critical Thinking: Lurking Variables Over the past...Ch. 4.1 - Critical Thinking: Lurking Variables Over the past...Ch. 4.1 - Critical Thinking: Lurking Variables Over the past...
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