Beanie Babies are toy stuffed animals that have become valuable colector's items since the introduction of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Beanie Babies are toy stuffed animals that have become valuable colector's items since the introduction of Ally the Alligator in 1994. Beanie World Magazine provided the information on 50 beanie babies which is available in beanie.csv. We are interested in determining if age can be used to accurately predict its market value. The unit for age is month and the unit for value is dollar. (Hint: you only need to focus on variables of age and value.) 1) Plot the scatter diagram of age (x-axis) versus value (y-axis). 2) Calculate the Pearson correlation between age and value. 3) Conduct a simple regression analysis and obtain the least square fit for value (response variable) on age (predictor). 4) Write down the hypotheses (null and alternative) for testing the association between age and value using a linear line. 5) What proportion of the variability in value is explained by the straight regression line? 6) Do the data provide sufficient evidence to indicate that there is a significant association between age and value? (Use type I error at 0.05) 7) Interpret the point estimate of the slope in the fitted linear regression in 3). 8) Find a 95% confidence interval for the slope of Age. 9) What value is predicted if age is 6 years old? 10) Calculate the corresponding prediction interval in question 9). Beanie Babies are toy stuffed animals that have become valuable colector's items since the introduction of Ally the Alligator in 1994. Beanie World Magazine provided the information on 50 beanie babies which is available in beanie.csv. We are interested in determining if age can be used to accurately predict its market value. The unit for age is month and the unit for value is dollar. (Hint: you only need to focus on variables of age and value.) 1) Plot the scatter diagram of age (x-axis) versus value (y-axis). 2) Calculate the Pearson correlation between age and value. 3) Conduct a simple regression analysis and obtain the least square fit for value (response variable) on age (predictor). 4) Write down the hypotheses (null and alternative) for testing the association between age and value using a linear line. 5) What proportion of the variability in value is explained by the straight regression line? 6) Do the data provide sufficient evidence to indicate that there is a significant association between age and value? (Use type I error at 0.05) 7) Interpret the point estimate of the slope in the fitted linear regression in 3). 8) Find a 95% confidence interval for the slope of Age. 9) What value is predicted if age is 6 years old? 10) Calculate the corresponding prediction interval in question 9).
Expert Answer:
Related Book For
Accounting for Decision Making and Control
ISBN: 978-0078025747
8th edition
Authors: Jerold Zimmerman
Posted Date:
Students also viewed these mathematics questions
-
Using the cluster option in the econometrics package Stata 11, the fully robust standard errors for the pooled OLS estimates in Table 14.2that is, robust to serial correlation and heteroskedasticity...
-
Type the following command in Stata to load the MURDER dataset: use http://fmwww.bc.edu/ec-p/data/wooldridge/murder, clear The dataset contains three years of data (1987, 1990, and 1993) for all...
-
The STATA data set FEV.dta consists of 12 observations on forced expiratory volume ( FEV ) in liters, and the height in cm of boys aged 10 - 14 years. The response variable is fev and the covariate...
-
Find each limit in Problems 3760. Note that LHpitals rule does not apply to every problem, and some problems will require more than one application of LHpitals rule. lim x 3 x + 3xx - 3 X x + 6x + 9
-
Many new stockbrokers resist giving presentations to bankers and certain other groups. Sensing this lack of self-confidence, management arranged to have a confidence-building seminar for a sample of...
-
The figure shows a proposed design for the industrial roll shaft of Prob. 74. Hydrodynamic film bearings are to be used. All surfaces are machined except the journals, which are ground and polished....
-
Petitioner Christy Brzonkala met respondents Antonio Morrison and James Crawford at a campus party at Virginia Polytechnic Institute (Virginia Tech), where they were all students. At the party, the...
-
Sealing Company manufactures three types of DVD storage units. Each of the three types requires the use of a special machine that has a total operating capacity of 15,000 hours per year. Information...
-
Westeros, Inc. receives scabbards (sheath for a sword) from two different suppliers. 70 percent of its scabbards come from Knights Watch, LLC, while 30 percent come from Crow, Inc. Records indicate...
-
you are a corporate trainer for XYZ organization. You have just been tasked with developing and deploying a training program for new customer service representatives discussing how to reply to...
-
A 1500-lb boat is parked on a ramp that makes an angle of 30\deg with the horizontal. The boat's weight vector points downward and is a sum of two vectors: a horizontal vector v1 that is parallel to...
-
(i) The City of Atlanta makes quarterly pension payments of $12000 per retiree to its 200 retirees. Next payments are due three months from now. Three months after the payments, the per-retiree...
-
Find arg(i(x+iy)) when given arg(x+iy) =
-
4. Write a program that makes both a list L and a tuple T with the following values: a) The numbers 1 to 100, inclusive. b) The odd numbers from 1 to 101, inclusive. c) The squares of numbers from 0...
-
Consider the LPP of minimizing 1+422-2x3 subject to the constraints 3x1+x+x3 12, 1 0,22 0, and 5 3 1. (a) Graph the feasible set in R. (b) Using your graph from part (a) identify all the extreme...
-
Find all second-order partial derivatives of the given function. z = 3x In (8x5y) Zxx = 15 - X (Type an exact answer.) Zyy = 0
-
Yellow Blaze Candle Shops provides a full line of various types of candles and accessories such as candleholders. Yellow Blaze has 150 shops in shopping malls and strip malls throughout the country....
-
Three forces with magnitudes of 70pounds, 40 pounds, and 60 pounds act on an object at angles of 30, 45, and 135, respectively, with the positive x-axis. Find the direction and magnitude of the...
-
Can opportunity costs be negative? Give an example.
-
The admissions office of a large hospital has an annual operating budget of $ 700,000. These costs are distributed to inpatient departments (surgery, medicine, pediatrics, psychiatry) and to...
-
Robert S. Kaplan in One Cost System Isnt Enough (Harvard Business Review, January February 1988, pp. 61 66) states, No single system can adequately answer the demands made by diverse functions of...
-
Which of the following statements about Islamic banking is not true? a. Interest (known as Riba) is prohibited. b. Conventional interest is considered by scholars to result in inequality and...
-
Which of the following statements is true? a. Murabaha, an equity instrument, is a sales contract in which the asset is sold by the bank to the customer at costplus- profit. b. Salam is a forward...
-
The relationship between an Islamic bank and its customers is that of a: a. Partner/investor b. Buyer and seller c. Lessor/lessee d. All of the above
Study smarter with the SolutionInn App