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Statistics For Business Decision Making And Analysis 2nd Edition Robert Stine, Dean Foster - Solutions

Refer to the data shown in Question 33.(a) Compute the value of x2 and the p-value for the test of the null hypothesis of independence.(b) Summarize the results of this test for the retailer€™s sales manager.In exercise 33.
Refer to the data shown in Question 34.(a) Compute the value of x2 and the p-value for the test of the null hypothesis of independence.(b) Summarize the results of this test for the mobile phone service provider.
We routinely use the normal quantile plot to check for normality. One can also use a chi-squared test. For that, we have to group the data into bins, converting numerical data into categorical data.The following figure shows the normal quantile plot of daily stock returns in 2010 on the
The following table summarizes whether the stock market went up or down during each trading day of 2010.(a) Use a chi-squared test to determine if these data indicate that trading on some days is better or worse (more or less likely to earn positive returns) than any other.(b) How does the test
The table summarizes the performance of golfers in the 2010 U.S. Open golf tournament. The table shows the number of holes in each round completed in fewer than the allowed number of strokes (birdies, which includes double birdies), at the allowed number of strokes (par), with one extra stroke
Vendors work hard to put their products in front of consumers, whether choosing the right site for advertising on the Web or getting the best location in a crowded super-market. Is the effort worthwhile? How could you tell? To find an answer, vendors often collect their own data from experiments
Technology companies compete to put their products in the hands of consumers. A main point of competition is the market for smartphones, phones capable of acting like a small computer complete with spreadsheets, daily planners, address books, and, of course, games. Major competitors include the
1. Symbol for the explanatory variable in a regression 2. Symbol for the response in a regression 3. Fitted value from an estimated regression equation 4. Residual from an estimated regression equation 5. Identifies the intercept in a fitted line 6. Identifies the slope in a fitted line 7.
1. In a scatterplot, the response is shown on the horizontal axis with the explanatory variable on the vertical axis.2. Regression analysis requires several values of the response for each value of the predictor so that we can calculate averages for each x.3. If all of the data lie along a single
1. The intercept estimates how much the response changes on average with changes in the predictor.2. The estimated value ŷ = b0 + b1 x approximates the average value of the response when the explanatory variable equals x.3. The horizontal distance between y and ŷ is known as the residual and so
In what special case does the regression of Y on X match the regression of X on Y, so that if two fitted lines were drawn on the same plot, the lines would coincide?
Shoppers at a local supermarket spend, on average, $85 during each shopping trip. Imagine the scatter-plot that shows the total amount spent each day in the store on the y-axis versus the number of shoppers each day on the x-axis.(a) Would you expect a linear equation to describe these data?(b)
Costs for building a new elementary school in the United States average about $100 per square foot. In a review of school construction projects in Arizona, the head of the Department of Education examined a scatterplot of the cost of recently completed schools 1Y2 versus the size of the school (in
A division of a multinational retail company prepared a presentation to give at the home office in Paris, France. The presentation includes a scatterplot that shows the relationship between square footage and annual sales in retail outlets owned by the chain. The units in the plot show the size in
An assembly plant tracks the daily productivity of the workers on the line. Each day, for every employee, the plant records the number of hours put in (Hours) and the number of completed packages assembled by the employee (Count). A scatterplot of the data for one day shows a linear trend. A fitted
This data table contains the listed prices and weights of the diamonds in 48 rings offered for sale in The Singapore Times. The prices are in Singapore dollars, with the weights in carats. (a) Scatterplot the listed prices of the rings on the weights of the rings. Does the trend in the average
It’s rare that you’ll find a gas station these days that only sells gas. It’s become more common to find a convenience store that also sells gas. These data describe the sales over time at a franchise outlet of a major U.S. oil company. Each row summarizes sales for one day. This particular
Before taking the plunge into video-conferencing, a company ran tests of its current internal computer network. The goal of the tests was to measure how rapidly data moved through the network given the current demand on the network. Eighty files ranging in size from 20 to 100 megabytes (MB) were
A manufacturer produces custom metal blanks that are used by its customers for computer-aided machining. The customer sends a design via computer (a 3-D blueprint), and the manufacturer comes up with an estimated cost per unit, which is then used to determine a price for the customer. This analysis
This data table contains the listed prices (in thousands of dollars) and the number of square feet for 28 homes listed by a realtor in the Seattle area.(a) Create a scatterplot for the price of the home on the number of square feet. Does the trend in the average price seem linear?(b) Estimate the
This data table includes the annual prices of 223 commercial leases. All of these leases provide office space in a Midwestern city in the United States.(a) Create a scatterplot for the annual cost of the leases on the number of square feet of leased space. Does the pattern in the plot seem linear?
This data file contains a variety of accounting and financial values that describe 493 companies operating in several technology industries in 2004: software, systems design, and semiconductor manufacturing. One column gives the expenses on research and development (R&D), and another gives the
The cases that make up this dataset are types of cars. The data include the engine size (in liters) and horsepower (HP) of 319 vehicles sold in the United States in 2011. (a) Create a scatterplot of the horse power on the engine displacement of the car. Does the trend in the average horsepower seem
The Organization for Economic Cooperation and Development (OECD) tracks various summary statistics of the member economies. The countries lie in Europe, parts of Asia, and North America. Two variables of interest are GDP (gross domestic product per capita, a measure of the overall production in an
A firm that operates a large, direct-to- consumer sales force would like to implement a sys-tem to monitor the progress of new agents. A key task for agents is to open new accounts; an account is a new customer to the business. The goal is to identify “superstar agents” as rapidly as possible,
These data describe spending by a major pharmaceutical company for promoting a cholesterol-lowering drug. The data cover 39 consecutive weeks and isolate the area around Boston. The variables in this collection are shares. Marketing research often uses the notion of voice to describe the level of
This dataset tracks the monthly performance of stock in Apple Computer since January 1990 through the end of 2011. The data include 264 monthly returns on Apple Computer, as well as returns on the entire stock market, returns on Treasury Bills (short-term, 30-day loans to Uncle Sam), and inflation.
Banks monitor the use of credit cards to see whether promotions that encourage customers to charge more have been successful. Banks also monitor balances to seek out fraud or cases of stolen credit card numbers. For these methods to work, we need to be able to anticipate the balance on a credit
1. Reciprocal transformation2. Opposite of log transformation3. Slope estimates elasticity4. 1% increase in x5. Approaches b0 as x gets large6. Random variation7. Diminishing marginal return8. Pattern unsuited to log or reciprocal transformations9. Negative, nonlinear association10. Linear
1. Regression equations only represent linear trends in data. 2. If the correlation between X and Y is larger than 0.5, then a linear equation is appropriate to describe the association. 3. To identify the presence of curvature, it can be helpful to begin by fitting a line and plotting the
1. If the equation in a model has a log transformation, the interpretation of the slope should be avoided. 2. Transformations such as logs or reciprocals are deter-mined by the position of outliers in a scatterplot. 3. The slope of a regression model which uses log x as a predictor is known as an
In discussing the estimate of an elasticity, the text mentions changes in the prices of rival brands as a lurking factor. Can you think of another?
These data contain quarterly net income (in millions of dollars) of Wal-Mart from 1990 through the end of 2011 (88 quarters). Net income is the difference between sales and the cost of running the business including both the merchandise and the labor to make the sale. (a) Create a scatterplot for
These data contain quarterly net income (in millions of dollars) of Target from 1990 through the end of 2011 (88 quarters). Net income is the difference between sales and the cost of running the business including both the merchandise and the labor to make the sale.(a) Create a scatterplot for net
Influential wine critics such as Robert Parker publish their personal ratings of wines, and many consumers pay close attention. Do these ratings affect the price? The data in this exercise are a sample of ratings and prices found online at the Web site of an Internet wine merchant. (a) Does the
Initial levels of advertising often bring a larger response in the market than later spending. In this example, advertising comes in the form of devoting more shelf space to the indicated product. The level of sales is the weekly total sales of this product at several outlets of a chain of markets.
Cars depreciate over time. These data show the prices of Honda Accords listed for sale by individuals in The Philadelphia Inquirer. One column gives the asking price (in thousands of dollars) and a second column gives the age (in years).(a) Do you expect the resale value of a car to drop by a fixed
Cars depreciate over time, whether made by Honda or, in this case, Toyota. These data show the prices of Toyota Camrys listed for sale by individuals in The Philadelphia Inquirer. One column gives the asking price (in thousands of dollars) and a second column gives the age (in years).(a) Do you
Cellular (or mobile) phones are everywhere these days, but it has not always been so. These data from CTIA, an organization representing the wireless communications industry, track the number of cellular subscribers in the United States. The data are semiannual, from 1985 through mid-2011. (a) From
Mobile phones (as cellular phones are often called outside the United States) have replaced traditional landlines in parts of the developing world where it has been impractical to build the infrastructure needed for landlines. These data from the ITU (International Telecommunication Union) estimate
This exercise uses base 10 logs instead of natural logs. (a) Using the pet food data of the text example, trans-form the price and volume data using natural logs and then using base 10 logs. Then plot the natural log of volume on the natural log of price, and the base 10 log of volume on the base
These data give the gross domestic product (a measure of the size of a national economy, in billions of dollars) and the amount of CO2 (carbon dioxide, in millions of tons) released into the atmosphere in 140 countries in 2010. (a) Graph the amount of CO2 versus GDP for these countries. Which
In order to have its cars meet the corporate average fuel economy (CAFE) standard, a manufacturer needs to improve the mileage of two of its cars. One design, a small sports car, weighs 2,500 pounds. The other model, a four-door family sedan, weighs 4,000 pounds. If it can improve the mileage of
Modern housing areas often seek to obtain, or at least convey, low rates of crimes. Homeowners and families like to live in safe areas and presumably are willing to pay a premium for the opportunity to have a safe home.These data from Philadelphia Magazine summarize crime rates and housing prices
1. Straight enough to ft a line2. Not straight enough to ft a line3. Similar variances4. Not similar variances5. Nearly normal6. Not nearly normal(a)(b) (c) (d) (e) (f)
1. The Simple Regression Model (SRM) requires that a histogram of the response looks like a normal distribution. 2. In the ideal situation, the SRM assumes that observations of the explanatory variable are independent of one another. 3. Errors in the SRM represent the net effect on the response of
1. An increase in the observed sample size from 100 customers to 400 customers in a study of promotion response using simple regression produces predictions that are twice as accurate.2. Doubling the sample size used to ft a regression can be expected to reduce the standard error of the slope by
Explain why a two-sample comparison of averages as done in Chapter 17 can be considered a special case of a regression model.
This figure shows an estimated linear equation with 95% prediction intervals. Assume that the units of X and Y are dollars.(a) Visually estimate the intercept b0 and the slope b1. (b) Is se (b1) less than 1, about 1, or more than 1? (c) Is r2 approximately 0.3, 0.5, or 0.8? (d) Estimate se, the
This figure shows an estimated linear equation along with its 95% prediction intervals. Assume that X counts customers and Y measures dollars.(a) Visually estimate the intercept b0 and the slope b1.(b) Is se (b1) less than 3, about 3, or more than 3?(c) Is the value of r2 approximately equal to
The collection of emerald diamonds contains replications, several diamonds at each weight. Had we fit the linear equation using average price at each weight rather than individual diamonds, how would the fitted equation and summary measures (r2 and se) change? (You don’t have to create it—just
A marketing research company showed a sample of 100 male customers a new type of power tool. Each customer was shown the tool and given the chance to use it for several minutes. Each customer was told the tool would cost one of 10 prices, in $10 increments from $60 to $150, and then asked to rate
Sometimes changes in stock prices are recorded as percentages, other times as returns. The difference is a factor of 100: Percentage changes are 100 times the returns. How does this choice affect the estimated value for β1 in a regression of the change in one stock on the change in the entire
In the regression of production time on number of units, how would the following statistics change had the response variable been expressed in hours rather than minutes? (a) b0 (b) b1 (c) se (d) t-statistic for b1
The following output summarizes the results of fitting a least squares regression to simulated data. Because we constructed these data using a computer, we know the SRM holds and we know the parameters of the model. We chose Î²0 = 7, Î²1 = 0.5, and Ïƒe = 1.5. The ft is to a sample of n = 50
Representing a large auto dealer, a buyer attends car auctions. To help with the bidding, the buyer built a regression equation to predict the resale value of cars purchased at the auction. The equation is Estimated Resale Price ($) = 22,000 – 2,150 Age (years), with r2 = 0.48 and se = $3,100 (a)
This data table contains the listed prices and weights of the diamonds in 48 rings offered for sale in The Singapore Times. The prices are in Singapore dollars, with the weights in carats. Formulate the regression model with price as the response and weight as the explanatory variable.(a) Could
It has become common to find a convenience store that also sells gas. These data describe the sales over time at a franchise outlet of a major U.S. oil company. Each row summarizes sales for one day. This particular station sells gas, and it also has a convenience store and a car wash. The column
Before purchasing videoconferencing equipment, a company ran tests of its current internal computer network. The goal of the tests was to measure how rapidly data moved through the network given the current demand on the network. Eighty files ranging in size from 20 to 100 megabytes (MB) were
A manufacturer produces custom metal blanks that are used by its customers for computer-aided machining. The customer sends a design via computer (a 3-D blueprint), and the manufacturer comes up with an estimated cost per unit, which is then used to determine a price for the customer. This analysis
This dataset contains the listed prices (in thousands of dollars) and the number of square feet for 28 homes in the Seattle area. The data come from the Web site of a Seattle realtor offering homes in the area for sale. For the SRM to work, we need to formulate the model in terms of cost per square
This dataset includes the annual prices of 223 commercial leases. All of these leases provide office space in a Midwestern city in the United States. For the response, use the cost of the lease per square foot. As the explanatory variable, use the reciprocal of the number of square feet.(a) Give a
This data file contains a variety of accounting and financial values that describe 324 companies operating in the information sector in 2010. The largest of these provide telephone services. One column gives the expenses on research and development (R&D), and another gives the total as-sets of
The cases that make up this dataset are types of cars. The data include the engine size or displacement (in liters) and horsepower (HP) of 318 vehicles sold in the United States in 2011. Use the SRM of the horsepower on the engine displacement to answer these questions.(a) A manufacturer offers 3
The Organization for Economic Cooperation and Development (OECD) tracks various summary statistics of its member economies. The countries lie in Europe, parts of Asia, and North America. Two variables of interest are GDP (gross domestic product per capita, a measure of the overall production in an
A firm that operates a large, direct-to-consumer sales force would like to put in place a system to monitor the progress of new agents. A key task for agents is to open new accounts; an account is a new customer to the business. The goal is to identify “superstar agents” as rapidly as possible,
These data describe spending by a major pharmaceutical company for promoting a cholesterol- lowering drug. The data cover 39 consecutive weeks and isolate the area around Boston. The variables in this collection are shares. Marketing research often describes the level of promotion in terms of
This dataset tracks the monthly performance of stock in Apple from January 1990 through December 2011. The data include 264 monthly returns on Apple as well as returns on the entire stock market, Treasury Bills, and inflation. (The column labeled Market Return in the data table is the return on a
The Capital Asset Pricing Model (CAPM) describes the relationship between returns on a speculative asset (typically returns on stock) and returns on the whole stock market. The underlying theory describes the risk of owning an asset, where risk refers to variation in returns over time. Part of
The prior 4M exercise introduces the Capital Asset Pricing Model. The slope and intercept in this model have particularly important meaning, with b0 (known as alpha in finance) denoting the mean return of the idiosyncratic risk over a time period (such as a month) and β1 (known as beta) measuring
1. Average of y given x in the SRM 2. Standard deviation of errors 3. Standard deviation of residuals 4. Ratio of b1 to its standard error 5. Approximate standard error of b1 6. Approximate prediction interval (l) μ y∣x = b0 + b1x (g) se / (√n sx) (h) t-statistic (i) ŷ ± 2se (j) σ e (k) se
1. Use this plot to check the linear condition. 2. Use this plot to check for dependence in data over time. 3. Use this plot to check the similar variances condition. 4. Use this plot to check the nearly normal condition. 5. Term for data with unequal error variation 6. The SRM assumes that the
1. If the SRM is used to model data that do not have constant variance, then 95% prediction intervals produced by this model are longer than needed. 2. When data do not satisfy the similar variances condition, the regression predictions tend to be too high on average, over predicting most
1. Because residuals represent the net effects of many other factors, it is rare to find a group of residuals from a simple regression that is normally distributed. 2. The nearly normal condition is critical when using prediction intervals. 3. We should exclude from the estimation of the regression
Data on sales have been collected from a chain of convenience stores. Some of the stores are considerably larger (more square feet of display space) than others. In a regression of sales on square feet, can you anticipate any problems?
As part of locating a new factory, a company investigated the education and income of the local population. To keep costs low, the size of the survey of prospective employees was proportional to the size of the community. What possible problems for the SRM would you expect to find in a scatterplot
A hasty analyst looked at the normal quantile plot for the residuals from the regression shown and concluded that the model could not be used because the residuals were not normally distributed. What do you think of this analysis of the problem?
A second analyst looked at the same data as in Exercise 25 and concluded that the use of the SRM for prediction was fine, on average, because the fitted line clearly tracks the mean of Y as the value of X increases. What do you think of this analysis?
(a) If the observation marked with an €œ Ã—€ in the following plot is removed, how will the slope of the least squares line change?(b) What will happen to r2 and se?(c) Is this observation leveraged?
(a) If the observation marked with an €œÃ—€ in the following plot is removed, how will the slope of the least squares line change?(b) What will happen to r2 and se? (c) Is this observation leveraged?
(a) If the observation marked with an €œÃ—€ in the following plot is removed, how will the slope of the least squares line change?(b) What will happen to r2 and se? (c) Is this observation leveraged?
(a) If the observation marked with an €œÃ—€ in the following plot is removed, how will the slope of the least squares line change?(b) What will happen to r2 and se? (c) Is this observation leveraged?
Supervisors of an assembly line track the output of the plant. One tool that they use is a simple regression of the count of packages shipped each day versus the number of employees who were active on the assembly line during that day, which varies from 35 to about 50. Identify a lurking variable
Estimate the value of the autocorrelation Corr (εt, εt –1) if the Durbin-Watson statistic (a) D = 0.8? (b) D = 1.5? (c) D = 3?
If the Durbin-Watson statistic is near 2 for the ft of an SRM to monthly data, have we proven that the errors are independent and meet the assumption of the SRM?
The Durbin-Watson statistic for the ft of the least squares regression in this fgure is 0.25. Should you interpret the value of D as indicating dependence, or is it really an artifact of a different problem? (Note: The value of the explanatory variable is getting larger with the sequence order of
This data table contains the listed prices and weights of the diamonds in 48 rings offered for sale in The Singapore Times. The prices are in Singapore dollars, with the weights in carats. Use price as the response and weight as the explanatory variable. These rings hold relatively small diamonds,
These data describe the sales over time at a franchise outlet of a major U.S. oil company. This particular station sells gas, and it also has a convenience store and a car wash. Each row summarizes sales for one day at this location. The column labeled Sales gives the dollar sales of the
Before plunging into videoconferencing, a company tested the speed of its internal computer network. The tests were designed to measure how rapidly data moved through the network under a typical load. Eighty files ranging in size from 20 to 100 megabytes (MB) were transmitted over the net-work at
A manufacturer produces custom metal blanks that are used by its customers for computer-aided machining. The customer sends a design via computer (a 3-D blueprint), and the manufacturer comes up with an estimated price per unit, which is then used to determine a price for the customer. The data for
This data table contains the listed prices (in thousands of dollars) and the number of square feet for 28 homes in or near Seattle. The data come from the Web site of a realtor offering homes in the area. Use the selling price per square foot as Y and the reciprocal of the number of square feet as
This data table gives annual costs of 223 commercial leases. All of these leases provide office space in a Midwestern city in the United States. For the response, use the cost of the lease per square foot. As the explanatory variable, use the reciprocal of the number of square feet. (a) Identify
This table contains accounting and financial data that describe 324 companies operating in the information sector in 2010. The largest of these provide telephone services. One column gives the expenses on research and development (R&D), and another gives the total assets of the companies. Both
The cases that make up this dataset are types of cars. The data include the engine size or displacement (in liters) and price of 318 vehicles sold in the United States in 2011. Use price as the response and engine displacement as the explanatory variable. (a) Compare the two plots: Price versus
The Organization for Economic Cooperation and Development (OECD) tracks summary statistics of the member economies. The countries are located in Europe, parts of Asia, and North America. Two variables of interest are GDP (gross domestic product per capita, a measure of the overall production in an
A firm that operates a large, direct-to-consumer sales force would like to build a system to monitor the progress of new agents. The goal is to identify “superstar agents” as rapidly as possible, offer them incentives, and keep them with the company. A key task for agents is to open new
These data describe spending by a major pharmaceutical company for promoting a cholesterol-lowering drug. The data cover 39 consecutive weeks and isolate the area around Boston. The variables in this collection are shares. Marketing research often describes the level of promotion in terms of voice.
This dataset tracks monthly performance of stock in Apple from January 1990 through December 2011, a total of 264 months. The data include returns on the entire stock market, Treasury Bills (short-term, 30-day loans to the government), and inflation. (The column Market Return is the return on a
For this exercise, you’re a real-estate developer. You’re planning a suburban housing development outside Philadelphia. The design calls for 25 homes that you expect to sell for about $450,000 each. If all goes as planned, you’ll make a proft of $50,000 per house, or $1.25 million overall.If
1. Scatterplot of Y on X1 2. Scatterplot of Y on X2 3. Scatterplot of X2 on X1 4. Direct effect of X2 5. Indirect effect of X2 6. Scatterplot of Y on ŷ 7. Scatterplot of e on ŷ 8. Normal quantile plot 9. Test H0: β1 = β2 = 0 10. Test H0: β2 = 0 (a) Similar variances (b) F-statistic (c)

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