Identify the variable that has a stronger relationship with the value of land and give the reason.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 4, Problem 1SE

a.

To determine

Identify the variable that has a stronger relationship with the value of land and give the reason.

a.

Expert Solution

Answer to Problem 1SE

The number of acres of land has a stronger relationship with the value of the land.

Explanation of Solution

From the scatterplot of (A), one can see that the points are very close to each other and the points are less scattered in the vertical direction. There is a strong relationship between the number of acres and the value of land (thousands of dollars).

On the other hand, in the scatterplot of (B), the points are widely scattered in the vertical direction.

Therefore, the number of acres of land has a strong relationship with the value of land.

b.

To determine

Explain a better prediction about the value of land by knowing the acreage or the number of rooms in the house.

b.

Expert Solution

Answer to Problem 1SE

Yes, one can be able to make a better prediction about the value of land.

Explanation of Solution

From the scatterplots of (A) and (B), one can observe that the value of land is more strongly associated with acreage than with the number of rooms.
Thus, one can be able to make a better prediction about the value of land because there is less scatteredness in the vertical direction of acreage and the value of land.
Therefore, yes, one can be able to make a better prediction about the value of land.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Questions An insurance company's cumulative incurred claims for the last 5 accident years are given in the following table: Development Year Accident Year 0 2018 1 2 3 4 245 267 274 289 292 2019 255 276 288 294 2020 265 283 292 2021 263 278 2022 271 It can be assumed that claims are fully run off after 4 years. The premiums received for each year are: Accident Year Premium 2018 306 2019 312 2020 318 2021 326 2022 330 You do not need to make any allowance for inflation. 1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method. (b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method. 2. Comment on the differences in the reserves produced by the methods in Part 1.

To help consumers in purchasing a laptop computer, Consumer Reports calculates an overall test score for each computer tested based upon rating factors such as ergonomics, portability, performance, display, and battery life. Higher overall scores indicate better test results. The following data show the average retail price and the overall score for ten 13-inch models (Consumer Reports website, October 25, 2012). Brand & Model Price ($) Overall Score Samsung Ultrabook NP900X3C-A01US 1250 83 Apple MacBook Air MC965LL/A 1300 83 Apple MacBook Air MD231LL/A 1200 82 HP ENVY 13-2050nr Spectre XT 950 79 Sony VAIO SVS13112FXB 800 77 Acer Aspire S5-391-9880 Ultrabook 1200 74 Apple MacBook Pro MD101LL/A 1200 74 Apple MacBook Pro MD313LL/A 1000 73 Dell Inspiron I13Z-6591SLV 700 67 Samsung NP535U3C-A01US 600 63 a. Select a scatter diagram with price as the independent variable. b. What does the scatter diagram developed in part (a) indicate about the relationship…

To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer’s adjusted gross income. Large deductions, which include charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. If a taxpayer claims larger than average itemized deductions for a given level of income, the chances of an IRS audit are increased. Data (in thousands of dollars) on adjusted gross income and the average or reasonable amount of itemized deductions follow. Adjusted Gross Income ($1000s) Reasonable Amount ofItemized Deductions ($1000s) 22 9.6 27 9.6 32 10.1 48 11.1 65 13.5 85 17.7 120 25.5 Compute b1 and b0 (to 4 decimals).b1 b0 Complete the estimated regression equation (to 2 decimals). = + x Predict a reasonable level of total itemized deductions for a taxpayer with an adjusted gross income of $52.5 thousand (to 2 decimals). thousand dollarsWhat is the value, in dollars, of…

Answer 2

Question

Chapter 4, Problem 1SE

a.

To determine

Identify the variable that has a stronger relationship with the value of land and give the reason.

a.

Expert Solution

Answer to Problem 1SE

The number of acres of land has a stronger relationship with the value of the land.

Explanation of Solution

From the scatterplot of (A), one can see that the points are very close to each other and the points are less scattered in the vertical direction. There is a strong relationship between the number of acres and the value of land (thousands of dollars).

On the other hand, in the scatterplot of (B), the points are widely scattered in the vertical direction.

Therefore, the number of acres of land has a strong relationship with the value of land.

b.

To determine

Explain a better prediction about the value of land by knowing the acreage or the number of rooms in the house.

b.

Expert Solution

Answer to Problem 1SE

Yes, one can be able to make a better prediction about the value of land.

Explanation of Solution

From the scatterplots of (A) and (B), one can observe that the value of land is more strongly associated with acreage than with the number of rooms.
Thus, one can be able to make a better prediction about the value of land because there is less scatteredness in the vertical direction of acreage and the value of land.
Therefore, yes, one can be able to make a better prediction about the value of land.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 4, Problem 1SE

a.

To determine

Identify the variable that has a stronger relationship with the value of land and give the reason.

a.

Expert Solution

Answer to Problem 1SE

The number of acres of land has a stronger relationship with the value of the land.

Explanation of Solution

From the scatterplot of (A), one can see that the points are very close to each other and the points are less scattered in the vertical direction. There is a strong relationship between the number of acres and the value of land (thousands of dollars).

On the other hand, in the scatterplot of (B), the points are widely scattered in the vertical direction.

Therefore, the number of acres of land has a strong relationship with the value of land.

b.

To determine

Explain a better prediction about the value of land by knowing the acreage or the number of rooms in the house.

b.

Expert Solution

Answer to Problem 1SE

Yes, one can be able to make a better prediction about the value of land.

Explanation of Solution

From the scatterplots of (A) and (B), one can observe that the value of land is more strongly associated with acreage than with the number of rooms.
Thus, one can be able to make a better prediction about the value of land because there is less scatteredness in the vertical direction of acreage and the value of land.
Therefore, yes, one can be able to make a better prediction about the value of land.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 4, Problem 1SE

a.

To determine

Identify the variable that has a stronger relationship with the value of land and give the reason.

a.

Expert Solution

Answer to Problem 1SE

The number of acres of land has a stronger relationship with the value of the land.

Explanation of Solution

From the scatterplot of (A), one can see that the points are very close to each other and the points are less scattered in the vertical direction. There is a strong relationship between the number of acres and the value of land (thousands of dollars).

On the other hand, in the scatterplot of (B), the points are widely scattered in the vertical direction.

Therefore, the number of acres of land has a strong relationship with the value of land.

b.

To determine

Explain a better prediction about the value of land by knowing the acreage or the number of rooms in the house.

b.

Expert Solution

Answer to Problem 1SE

Yes, one can be able to make a better prediction about the value of land.

Explanation of Solution

From the scatterplots of (A) and (B), one can observe that the value of land is more strongly associated with acreage than with the number of rooms.
Thus, one can be able to make a better prediction about the value of land because there is less scatteredness in the vertical direction of acreage and the value of land.
Therefore, yes, one can be able to make a better prediction about the value of land.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 4, Problem 1SE

a.

To determine

Identify the variable that has a stronger relationship with the value of land and give the reason.

a.

Expert Solution

Answer to Problem 1SE

The number of acres of land has a stronger relationship with the value of the land.

Explanation of Solution

From the scatterplot of (A), one can see that the points are very close to each other and the points are less scattered in the vertical direction. There is a strong relationship between the number of acres and the value of land (thousands of dollars).

On the other hand, in the scatterplot of (B), the points are widely scattered in the vertical direction.

Therefore, the number of acres of land has a strong relationship with the value of land.

b.

To determine

Explain a better prediction about the value of land by knowing the acreage or the number of rooms in the house.

b.

Expert Solution

Answer to Problem 1SE

Yes, one can be able to make a better prediction about the value of land.

Explanation of Solution

From the scatterplots of (A) and (B), one can observe that the value of land is more strongly associated with acreage than with the number of rooms.
Thus, one can be able to make a better prediction about the value of land because there is less scatteredness in the vertical direction of acreage and the value of land.
Therefore, yes, one can be able to make a better prediction about the value of land.

Answer 6

Chapter 4, Problem 1SE

a.

To determine

Identify the variable that has a stronger relationship with the value of land and give the reason.

a.

Expert Solution

Answer to Problem 1SE

The number of acres of land has a stronger relationship with the value of the land.

Explanation of Solution

From the scatterplot of (A), one can see that the points are very close to each other and the points are less scattered in the vertical direction. There is a strong relationship between the number of acres and the value of land (thousands of dollars).

On the other hand, in the scatterplot of (B), the points are widely scattered in the vertical direction.

Therefore, the number of acres of land has a strong relationship with the value of land.

Answer 7

Chapter 4, Problem 1SE

a.

To determine

Identify the variable that has a stronger relationship with the value of land and give the reason.

Answer 8

a.

Expert Solution

Answer to Problem 1SE

The number of acres of land has a stronger relationship with the value of the land.

Answer 9

a.

Expert Solution

Answer 10

a.

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

From the scatterplot of (A), one can see that the points are very close to each other and the points are less scattered in the vertical direction. There is a strong relationship between the number of acres and the value of land (thousands of dollars).

On the other hand, in the scatterplot of (B), the points are widely scattered in the vertical direction.

Therefore, the number of acres of land has a strong relationship with the value of land.

Answer 13

b.

To determine

Explain a better prediction about the value of land by knowing the acreage or the number of rooms in the house.

b.

Expert Solution

Answer to Problem 1SE

Yes, one can be able to make a better prediction about the value of land.

Explanation of Solution

From the scatterplots of (A) and (B), one can observe that the value of land is more strongly associated with acreage than with the number of rooms.
Thus, one can be able to make a better prediction about the value of land because there is less scatteredness in the vertical direction of acreage and the value of land.
Therefore, yes, one can be able to make a better prediction about the value of land.

Answer 14

b.

To determine

Explain a better prediction about the value of land by knowing the acreage or the number of rooms in the house.

Answer 15

b.

Expert Solution

Answer to Problem 1SE

Yes, one can be able to make a better prediction about the value of land.

Answer 16

b.

Expert Solution

Answer 17

b.

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

From the scatterplots of (A) and (B), one can observe that the value of land is more strongly associated with acreage than with the number of rooms.
Thus, one can be able to make a better prediction about the value of land because there is less scatteredness in the vertical direction of acreage and the value of land.
Therefore, yes, one can be able to make a better prediction about the value of land.