Influential wine critics such as Robert Parker publish their personal ratings of wines, and many consumers pay close attention. Do
Question:
(a) Does the scatterplot of the price of wine on the rating suggest a linear or nonlinear relationship?
(b) Fit a linear regression equation to the data, regressing price on the rating. Does this fitted model make substantive sense?
(c) Create a scatterplot for the log of the price on the rating. Does the relationship seem more suited to regression?
(d) Fit a regression of the log of price on the rating. Does this model provide a better description of the pattern in the data?
(e) Compare the fit of the two models to the data. Can you rely on summary statistics like r2 and se?
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Related Book For
Statistics For Business Decision Making And Analysis
ISBN: 9780321890269
2nd Edition
Authors: Robert Stine, Dean Foster
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Question Posted: July 14, 2015 09:44:23