Predicting Land Value Both scatterplots concern the assessed value of land (with homes on the land), and both depict the same Observations. a. Which do you think has a stronger relationship with value of the land&&#35;151;the number of acres of land or the number of rooms in the homes? Why? b. If you were Dying to predict the value of a parcel of land (on which there is a home) in this area, would you be able to make a better pre-diction by knowing the acreage or the number of rooms in the house? Explain.

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Answer 1

Textbook Question

Chapter 4, Problem 1SE

Predicting Land Value Both scatterplots concern the assessed value of land (with homes on the land), and both depict the same Observations.

a. Which do you think has a stronger relationship with value of the land&#151;the number of acres of land or the number of rooms in the homes? Why?

b. If you were Dying to predict the value of a parcel of land (on which there is a home) in this area, would you be able to make a better pre-diction by knowing the acreage or the number of rooms in the house? Explain.

Chapter 4, Problem 1SE, Predicting Land Value Both scatterplots concern the assessed value of land (with homes on the land),

a.

Expert Solution

To determine

Determine which one has stronger relationship with the value of land, the number of acres of land or the number of rooms.

Answer to Problem 1SE

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

Explanation of Solution

Scatterplot A shows the relationship between the value of land and number of acres of land that is provided. Scatterplot B shows the relationship between the value of land and number of rooms in the house that is given.

A scatterplot has less scattered data points and are forming a linear trend. Therefore, it can be said that there is a strong relationship between these two variables, number of acres of land and value of land.

The data points in the scatterplot output for B has more scattered data points and without forming any specific pattern and trend. It can be said that there isn’t a strong relationship between these two variables.

b.

Expert Solution

To determine

Determine whether it is a good approach to make predictions for the value of a parcel of land by knowing the acreage or the number of rooms in the home.

Answer to Problem 1SE

Better prediction can be made by knowing the value of the acreage.

Explanation of Solution

Scatterplot A shows that the value of land has a stronger relationship with the acreage than the number of rooms in the house because there is less variability in the vertical direction. Changes made in the number of acres will affect the value of land more as compared to the number of rooms in the house.

Hence, the better prediction can be made by knowing the value of the acreage.

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A company found that the daily sales revenue of its flagship product follows a normal distribution with a mean of $4500 and a standard deviation of $450. The company defines a "high-sales day" that is, any day with sales exceeding $4800. please provide a step by step on how to get the answers in excel Q: What percentage of days can the company expect to have "high-sales days" or sales greater than $4800? Q: What is the sales revenue threshold for the bottom 10% of days? (please note that 10% refers to the probability/area under bell curve towards the lower tail of bell curve) Provide answers in the yellow cells

Answer 2

Textbook Question

Chapter 4, Problem 1SE

Predicting Land Value Both scatterplots concern the assessed value of land (with homes on the land), and both depict the same Observations.

a. Which do you think has a stronger relationship with value of the land&#151;the number of acres of land or the number of rooms in the homes? Why?

b. If you were Dying to predict the value of a parcel of land (on which there is a home) in this area, would you be able to make a better pre-diction by knowing the acreage or the number of rooms in the house? Explain.

Chapter 4, Problem 1SE, Predicting Land Value Both scatterplots concern the assessed value of land (with homes on the land),

a.

Expert Solution

To determine

Determine which one has stronger relationship with the value of land, the number of acres of land or the number of rooms.

Answer to Problem 1SE

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

Explanation of Solution

Scatterplot A shows the relationship between the value of land and number of acres of land that is provided. Scatterplot B shows the relationship between the value of land and number of rooms in the house that is given.

A scatterplot has less scattered data points and are forming a linear trend. Therefore, it can be said that there is a strong relationship between these two variables, number of acres of land and value of land.

The data points in the scatterplot output for B has more scattered data points and without forming any specific pattern and trend. It can be said that there isn’t a strong relationship between these two variables.

b.

Expert Solution

To determine

Determine whether it is a good approach to make predictions for the value of a parcel of land by knowing the acreage or the number of rooms in the home.

Answer to Problem 1SE

Better prediction can be made by knowing the value of the acreage.

Explanation of Solution

Scatterplot A shows that the value of land has a stronger relationship with the acreage than the number of rooms in the house because there is less variability in the vertical direction. Changes made in the number of acres will affect the value of land more as compared to the number of rooms in the house.

Hence, the better prediction can be made by knowing the value of the acreage.

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Answer 3

Textbook Question

Chapter 4, Problem 1SE

Predicting Land Value Both scatterplots concern the assessed value of land (with homes on the land), and both depict the same Observations.

a. Which do you think has a stronger relationship with value of the land&#151;the number of acres of land or the number of rooms in the homes? Why?

b. If you were Dying to predict the value of a parcel of land (on which there is a home) in this area, would you be able to make a better pre-diction by knowing the acreage or the number of rooms in the house? Explain.

Chapter 4, Problem 1SE, Predicting Land Value Both scatterplots concern the assessed value of land (with homes on the land),

a.

Expert Solution

To determine

Determine which one has stronger relationship with the value of land, the number of acres of land or the number of rooms.

Answer to Problem 1SE

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

Explanation of Solution

Scatterplot A shows the relationship between the value of land and number of acres of land that is provided. Scatterplot B shows the relationship between the value of land and number of rooms in the house that is given.

A scatterplot has less scattered data points and are forming a linear trend. Therefore, it can be said that there is a strong relationship between these two variables, number of acres of land and value of land.

The data points in the scatterplot output for B has more scattered data points and without forming any specific pattern and trend. It can be said that there isn’t a strong relationship between these two variables.

b.

Expert Solution

To determine

Determine whether it is a good approach to make predictions for the value of a parcel of land by knowing the acreage or the number of rooms in the home.

Answer to Problem 1SE

Better prediction can be made by knowing the value of the acreage.

Explanation of Solution

Scatterplot A shows that the value of land has a stronger relationship with the acreage than the number of rooms in the house because there is less variability in the vertical direction. Changes made in the number of acres will affect the value of land more as compared to the number of rooms in the house.

Hence, the better prediction can be made by knowing the value of the acreage.

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

Answer 4

Textbook Question

Chapter 4, Problem 1SE

Predicting Land Value Both scatterplots concern the assessed value of land (with homes on the land), and both depict the same Observations.

a. Which do you think has a stronger relationship with value of the land&#151;the number of acres of land or the number of rooms in the homes? Why?

b. If you were Dying to predict the value of a parcel of land (on which there is a home) in this area, would you be able to make a better pre-diction by knowing the acreage or the number of rooms in the house? Explain.

Chapter 4, Problem 1SE, Predicting Land Value Both scatterplots concern the assessed value of land (with homes on the land),

a.

Expert Solution

To determine

Determine which one has stronger relationship with the value of land, the number of acres of land or the number of rooms.

Answer to Problem 1SE

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

Explanation of Solution

Scatterplot A shows the relationship between the value of land and number of acres of land that is provided. Scatterplot B shows the relationship between the value of land and number of rooms in the house that is given.

A scatterplot has less scattered data points and are forming a linear trend. Therefore, it can be said that there is a strong relationship between these two variables, number of acres of land and value of land.

The data points in the scatterplot output for B has more scattered data points and without forming any specific pattern and trend. It can be said that there isn’t a strong relationship between these two variables.

b.

Expert Solution

To determine

Determine whether it is a good approach to make predictions for the value of a parcel of land by knowing the acreage or the number of rooms in the home.

Answer to Problem 1SE

Better prediction can be made by knowing the value of the acreage.

Explanation of Solution

Scatterplot A shows that the value of land has a stronger relationship with the acreage than the number of rooms in the house because there is less variability in the vertical direction. Changes made in the number of acres will affect the value of land more as compared to the number of rooms in the house.

Hence, the better prediction can be made by knowing the value of the acreage.

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

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

a.

Expert Solution

To determine

Determine which one has stronger relationship with the value of land, the number of acres of land or the number of rooms.

Answer to Problem 1SE

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

Explanation of Solution

Scatterplot A shows the relationship between the value of land and number of acres of land that is provided. Scatterplot B shows the relationship between the value of land and number of rooms in the house that is given.

A scatterplot has less scattered data points and are forming a linear trend. Therefore, it can be said that there is a strong relationship between these two variables, number of acres of land and value of land.

The data points in the scatterplot output for B has more scattered data points and without forming any specific pattern and trend. It can be said that there isn’t a strong relationship between these two variables.

b.

Expert Solution

To determine

Determine whether it is a good approach to make predictions for the value of a parcel of land by knowing the acreage or the number of rooms in the home.

Answer to Problem 1SE

Better prediction can be made by knowing the value of the acreage.

Explanation of Solution

Scatterplot A shows that the value of land has a stronger relationship with the acreage than the number of rooms in the house because there is less variability in the vertical direction. Changes made in the number of acres will affect the value of land more as compared to the number of rooms in the house.

Hence, the better prediction can be made by knowing the value of the acreage.

Answer 8

a.

Expert Solution

To determine

Determine which one has stronger relationship with the value of land, the number of acres of land or the number of rooms.

Answer to Problem 1SE

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

Explanation of Solution

Scatterplot A shows the relationship between the value of land and number of acres of land that is provided. Scatterplot B shows the relationship between the value of land and number of rooms in the house that is given.

A scatterplot has less scattered data points and are forming a linear trend. Therefore, it can be said that there is a strong relationship between these two variables, number of acres of land and value of land.

The data points in the scatterplot output for B has more scattered data points and without forming any specific pattern and trend. It can be said that there isn’t a strong relationship between these two variables.

Answer 9

a.

Expert Solution

Answer 10

a.

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

Determine which one has stronger relationship with the value of land, the number of acres of land or the number of rooms.

Answer 13

Answer to Problem 1SE

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

Answer 14

Explanation of Solution

Scatterplot A shows the relationship between the value of land and number of acres of land that is provided. Scatterplot B shows the relationship between the value of land and number of rooms in the house that is given.

A scatterplot has less scattered data points and are forming a linear trend. Therefore, it can be said that there is a strong relationship between these two variables, number of acres of land and value of land.

The data points in the scatterplot output for B has more scattered data points and without forming any specific pattern and trend. It can be said that there isn’t a strong relationship between these two variables.

Answer 15

b.

Expert Solution

To determine

Determine whether it is a good approach to make predictions for the value of a parcel of land by knowing the acreage or the number of rooms in the home.

Answer to Problem 1SE

Better prediction can be made by knowing the value of the acreage.

Explanation of Solution

Scatterplot A shows that the value of land has a stronger relationship with the acreage than the number of rooms in the house because there is less variability in the vertical direction. Changes made in the number of acres will affect the value of land more as compared to the number of rooms in the house.

Hence, the better prediction can be made by knowing the value of the acreage.

Answer 16

b.

Expert Solution

Answer 17

b.

Expert Solution

Answer 18

Expert Solution

Answer 19

To determine

Determine whether it is a good approach to make predictions for the value of a parcel of land by knowing the acreage or the number of rooms in the home.

Answer 20

Answer to Problem 1SE

Better prediction can be made by knowing the value of the acreage.

Answer 21

Explanation of Solution

Scatterplot A shows that the value of land has a stronger relationship with the acreage than the number of rooms in the house because there is less variability in the vertical direction. Changes made in the number of acres will affect the value of land more as compared to the number of rooms in the house.

Hence, the better prediction can be made by knowing the value of the acreage.