EBK ESSENTIAL STATISTICS FOR THE BEHAVI
2nd Edition
ISBN: 9781506386294
Author: PRIVITERA
Publisher: SAGE PUBLICATIONS,INC. (CC)
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Chapter 7, Problem 7FP
To determine
To find: Whether the power is higher for a one-tailed test or two tailed test.
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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 7 Solutions
EBK ESSENTIAL STATISTICS FOR THE BEHAVI
Ch. 7 - Prob. 1FPCh. 7 - Prob. 2FPCh. 7 - Prob. 3FPCh. 7 - Prob. 4FPCh. 7 - Prob. 5FPCh. 7 - Prob. 6FPCh. 7 - Prob. 7FPCh. 7 - Prob. 8FPCh. 7 - Prob. 9FPCh. 7 - Prob. 10FP
Ch. 7 - Prob. 11FPCh. 7 - Prob. 12FPCh. 7 - Prob. 13CAPCh. 7 - Prob. 14CAPCh. 7 - Prob. 15CAPCh. 7 - Prob. 16CAPCh. 7 - Prob. 17CAPCh. 7 - Prob. 18CAPCh. 7 - Prob. 19CAPCh. 7 - Prob. 20CAPCh. 7 - Prob. 21CAPCh. 7 - Prob. 22CAPCh. 7 - Prob. 23CAPCh. 7 - Prob. 24CAPCh. 7 - Prob. 25CAPCh. 7 - Prob. 26CAPCh. 7 - Prob. 27CAPCh. 7 - Prob. 28CAPCh. 7 - Prob. 29PRCh. 7 - Prob. 30PRCh. 7 - Prob. 31PRCh. 7 - Prob. 32PRCh. 7 - Prob. 33PRCh. 7 - Prob. 34PR
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