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Business Statistics A First Course 7th Edition David M. Levine, Kathryn A. Szabat, David F. Stephan - Solutions

In Problem 12.6 on page 424, the owner of a moving company wanted to predict labor hours, based on the number of cubic feet moved. The data are stored in Moving. Use the results of that problem. a. At the 0.05 level of significance, is there evidence of a linear relationship between the number
In Problem 12.7 on page 424, you used the plate gap in the bag sealing equipment to predict the tear rating of a bag of coffee. The data are stored in Starbucks. Use the results of that problem.a. At the 0.05 level of significance, is there evidence of a linear relationship between the plate gap of
In Problem 12.8 on page 424, you used annual revenues to predict the value of a baseball franchise. The data are stored in BBValues . Use the results of that problem. a. At the 0.05 level of significance, is there evidence of a linear relationship between annual revenue and franchise
In Problem 12.9 on page 424, an agent for a real estate company wanted to predict the monthly rent for one bedroom apartments, based on the size of the apartment. The data are stored in RentSilverSpring . Use the results of that problem. a. At the 0.05 level of significance, is there evidence
In Problem 12.10 on page 424, you used box office gross to predict DVD revenue. The data are stored in Movie . Use the results of that problem. a. At the 0.05 level of significance, is there evidence of a linear relationship between box office gross and DVD revenue? b. Construct a 95%
The volatility of a stock is often measured by its beta value. You can estimate the beta value of a stock by developing a simple linear regression model, using the percentage weekly change in the stock as the dependent variable and the percentage weekly change in a market index as the independent
Zagat’s publishes restaurant ratings for various locations in the United States. The file Restaurants contains the Zagat rating for food, décor, service, and the cost per person for a sample of 100 restaurants located in New York City and in a suburb of New York City. Develop a regression model
Index funds are mutual funds that try to mimic the movement of leading indexes, such as the S& P 500 or the Russell 2000. The beta values (as described in Problem 12.49) for these funds are therefore approximately 1.0, and the estimated market models for these funds are approximately(% weekly
The file Cereals contains the calories and sugar, in grams, in one serving of seven breakfast cereals:a. Compute and interpret the coefficient of correlation, r. b. At the 0.05 level of significance, is there a significant linear relationship between calories and sugar?
Movie companies need to predict the gross receipts of an individual movie once the movie has debuted. The following results (stored in PotterMovies ) are the first weekend gross, the U. S. gross, and the worldwide gross (in $ millions) of the eight Harry Potter movies that debuted from 2001 to
College football is big business, with coaches’ salaries, revenues, and expenses in millions of dollars. The file College Football contains the coaches’ pay and revenue for college football at 105 of the 124 schools that are part of the Division I Football Bowl Subdivision. (Data extracted from
A survey by the Pew Research Center found that social networking is popular in many nations around the world. The file GlobalSocialMedia contains the level of social media networking (measured as the percent of individuals polled who use social networking sites) and the GDP per capita based on
Based on a sample of n = 20, the least squares method was used to develop the following prediction line: ŷi = 5 + 3Xi. In addition,a. Construct a 95% confidence interval estimate of the population mean response for X = 2. b. Construct a 95% prediction interval of an individual response for X
Based on a sample of n = 20, the least squares method was used to develop the following prediction line: Å·i = 5 + 3Xi. In addition,a. Construct a 95% confidence interval estimate of the population mean response for X = 4. b. Construct a 95% prediction interval of an individual
In Problem 12.5 on page 424, you used the summated rating of a restaurant to predict the cost of a meal. The data are stored in Restaurants . For these data, SYX = 9.094 and hi = 0.046319 when X = 50. a. Construct a 95% confidence interval estimate of the mean cost of a meal for restaurants that
In Problem 12.4 on page 423, you used the percentage of alcohol to predict wine quality. The data are stored in VinhoVerde. For these data, SYX = 0.9369 and hi = 0.024934 when X = 10. a. Construct a 95% confidence interval estimate of the mean wine quality rating for all wines that have 10%
In Problem 12.7 on page 424, you used the plate gap on the bag sealing equipment to predict the tear rating of a bag of coffee. The data are stored in Starbucks. a. Construct a 95% confidence interval estimate of the mean tear rating for all bags of coffee when the plate gap is 0. b. Construct a
The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of
In Problem 12.6 on page 424, the owner of a moving company wanted to predict labor hours based on the number of cubic feet moved. The data are stored in Moving. a. Construct a 95% confidence interval estimate of the mean labor hours for all moves of 500 cubic feet. b. Construct a 95% prediction
In Problem 12.9 on page 424, an agent for a real estate company wanted to predict the monthly rent for one bedroom apartments, based on the size of an apartment. The data are stored in RentSilverSpring. a. Construct a 95% confidence interval estimate of the mean monthly rental for all one bedroom
In Problem 12.8 on page 424, you predicted the value of a baseball franchise, based on current revenue. The data are stored in BBValues. a. Construct a 95% confidence interval estimate of the mean value of all baseball franchises that generate $ 250 million of annual revenue. b. Construct a 95%
In Problem 12.10 on page 424, you used box office gross to predict DVD revenue. The data are stored in Movie. The company is about to release a movie on DVD that had a box office gross of $ 100 million. a. What is the predicted DVD revenue? b. Which interval is more useful here, the confidence
What is the interpretation of the Y intercept and the slope in the simple linear regression equation?
Starbucks Coffee Co. uses a data based approach to improving the quality and customer satisfaction of its products. When survey data indicated that Starbucks needed to improve its package sealing process, an experiment was conducted to determine the factors in the bag sealing equipment that might
How do you evaluate the assumptions of regression analysis?
Can you use Twitter activity to forecast box office receipts on the opening weekend? The following data (stored in Twitter Movies) indicate the Twitter activity (“ want to see”) and the receipts ($) per theater on the weekend a movie opened for seven movies:a. Use the least squares method to
Management of a soft drink bottling company has the business objective of developing a method for allocating delivery costs to customers. Although one cost clearly relates to travel time within a particular route, another variable cost reflects the time required to unload the cases of soft drink at
Measuring the height of a California redwood tree is very difficult because these trees grow to heights of over 300 feet. People familiar with these trees understand that the height of a California redwood tree is related to other characteristics of the tree, including the diameter of the tree at
You want to develop a model to predict the assessed value of homes based on their size. A sample of 30 single family houses listed for sale in Silver Spring, Maryland, a suburb of Washington, DC, is selected to study the relationship between assessed value (in $ thousands) and size (in thousands of
You want to develop a model to predict the taxes of houses, based on assessed value. A sample of 30 single family houses listed for sale in Silver Spring, Maryland, a suburb of Washington, DC, is selected. The taxes (in $) and the assessed value of the houses (in $ thousands) are recorded and
The director of graduate studies at a large college of business has the objective of predicting the grade point average (GPA) of students in an MBA program. The director begins by using the Graduate Management Admission Test (GMAT) score. A sample of 20 students who have completed two years in the
An accountant for a large department store has the business objective of developing a model to predict the amount of time it takes to process invoices. Data are collected from the past 32 working days, and the number of invoices processed and completion time (in hours) are stored in Invoice .
The value of a sports franchise is directly related to the amount of revenue that a franchise can generate. The file BBValues represents the value in 2014 (in $ millions) and the annual revenue (in $ millions) for the 30 Major League Baseball franchises. (Data extracted from www. forbes. com/ mlb
On January 28, 1986, the space shuttle Challenger exploded, and seven astronauts were killed. Prior to the launch, the predicted atmospheric temperature was for freezing weather at the launch site. Engineers for Morton Thiokol (the manufacturer of the rocket motor) prepared charts to make the case
A baseball analyst would like to study various team statistics for a recent season to determine which variables might be useful in predicting the number of wins achieved by teams during the season. He begins by using a team’s earned run average (ERA), a measure of pitching performance, to predict
Can you use the annual revenues generated by National Basketball Association (NBA) franchises to predict franchise values? Figure 2.14 on page 61 shows a scatter plot of revenue with franchise value, and Figure 3.9 on page 164, shows the correlation coefficient. Now, you want to develop a simple
In Problem 12.82 you used annual revenue to develop a model to predict the franchise value of National Basketball Association (NBA) teams. Can you also use the annual revenues generated by European soccer teams to predict franchise values? (European soccer team values and revenues are stored in
During the fall harvest season in the United States, pumpkins are sold in large quantities at farm stands. Often, instead of weighing the pumpkins prior to sale, the farm stand operator will just place the pumpkin in the appropriate circular cutout on the counter. When asked why this was done, one
Refer to the discussion of beta values and market models in Problem 12.49 on page 444. The S& P 500 Index tracks the overall movement of the stock market by considering the stock prices of 500 large corporations. The file StockPrices2013 contains 2013 weekly data for the S& P 500 and three
The file CEO Compensation2013 includes the total compensation (in $ millions) for CEOs of 200 Standard & Poor’s 500 companies and the investment return in 2013. (Data extracted from “ Millions by millions, CEO pay goes up,” usat. ly/ 1jhbypL.) a. Compute the correlation coefficient between
An agent for a residential real estate company in a suburb located outside of Washington, DC, has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward that goal, the agent would like to use the size of an apartment, as defined by square
For this problem, use the following multiple regression equation:Ŷi = 10 + 5Xli +3X2ia. Interpret the meaning of the slopes. b. Interpret the meaning of the Y intercept.
The following ANOVA summary table is for a multiple regression model with two independent variables:a. Determine the regression mean square (MSR) and the mean square error (MSE).b. Compute the overall FSTAT test statistic.c. Determine whether there is a significant relationship between Y and the
A financial analyst engaged in business valuation obtained financial data on 53 drug companies (Industry Group SIC 3 code: 283). The file Business Valuation contains the following variables:COMPANY— Drug Company name PB fye— Price to book value ratio (fiscal year ending) ROE— Return on equity
In Problem 13.3 on page 469, you predicted the mean annual revenue for U. S. metropolitan areas, based on the mean age (Age) and mean BizAnalyzer score (BizAnalyzer) for a sample of 25 small business metropolitan areas. The regression analysis resulted in the following ANOVA summary table:a.
In Problem 13.5 on page 470, you used the percentage of alcohol and chlorides to predict wine quality (stored in VinhoVerde). Use the results from that problem to do the following:a. Determine whether there is a significant relationship between wine quality and the two independent variables
In Problem 13.4 on page 469, you used efficiency ratio and total risk based capital to predict ROA at a community bank (stored in CommunityBanks). Using the results from that problem, a. determine whether there is a significant relationship between ROA and the two independent variables (used
In Problem 13.7 on page 470, you used the total staff present and remote hours to predict standby hours (stored in Standby). Using the results from that problem, a. determine whether there is a significant relationship between standby hours and the two independent variables (total staff present
In Problem 13.6 on page 470, you used the total worldwide revenue ($ millions), and full time voluntary turnover (%) data stored in Best Companies to predict the number of full time jobs added. Using the results from that problem, a. determine whether there is a significant relationship at the 0.05
In Problem 13.8 on page 470, you used the land area of a property and the age of a house to predict the fair market value (stored in GlenCove). Using the results from that problem, a. determine whether there is a significant relationship between fair market value and the two independent variables
In Problem 13.4 on page 469, you used the efficiency ratio and total risk based capital data stored in CommunityBanks to predict ROA at a community bank. a. Plot the residuals versus ŷi. b. Plot the residuals versus X1i. c. Plot the residuals versus X2i. d. Plot the residuals versus time. e. In
In Problem 13.5 on page 470, you used the percentage of alcohol and chlorides to predict wine quality (stored in VinhoVerde). a. Plot the residuals versus ŷi b. Plot the residuals versus X1i. c. Plot the residuals versus X2i. d. In the residual plots created in (a) through (c), is there any
For this problem, use the following multiple regression equation:Ŷi = 50 + 2Xli +7X2ia. Interpret the meaning of the slopes. b. Interpret the meaning of the Y intercept.
In Problem 13.6 on page 470, you used the total worldwide revenue ($ millions) and full time voluntary turnover (%) stored in BestCompanies to predict the number of full time jobs added. a. Perform a residual analysis on your results. b. If appropriate, perform the Durbin Watson test, using α =
In Problem 13.7 on page 470, you used the total staff present and remote hours to predict standby hours (stored in Standby). a. Perform a residual analysis on your results. b. If appropriate, perform the Durbin Watson test, using α = 0.05. c. Are the regression assumptions valid for these data?
In Problem 13.8 on page 470, you used the land area of a property and the age of a house to predict the fair market value (stored in GlenCove). a. Perform a residual analysis on your results. b. If appropriate, perform the Durbin Watson test, using α = 0.05. c. Are the regression assumptions valid
Use the following information from a multiple regression model:N = 25 b1 = 5 b2 = 10 Sbi = 2 Sb2 = 8a. Which variable has the largest slope, in units of a t statistic? b. Construct a 95% confidence interval estimate of the population slope, β1. c. At the 0.05 level of significance,
Use the following information from a multiple regression model:n = 20 b1 = 4 b2 = 3 Sbi = 1.2 Sb2 = 0.8a. Which variable has the largest slope, in units of a t statistic? b. Construct a 95% confidence interval estimate of the population slope, b1. c. At the 0.05 level of significance,
In Problem 13.3 on page 469, you predicted the mean annual revenue for metropolitan areas in the United States, based on the mean age (Age) and mean BizAnalyzer score (Biz Analyzer) for a sample of 25 small business metropolitan areas. Use the following results:a. Construct a 95% confidence
In Problem 13.4 on page 469, you used efficiency ratio and total risk based capital stored in CommunityBanks to predict ROA at a community bank. Using the results from that problem,a. Construct a 95% confidence interval estimate of the population slope between ROA and efficiency ratio.b. At the
In Problem 13.5 on page 470, you used the percentage of alcohol and chlorides to predict wine quality (stored in VinhoVerde). Using the results from that problem,a. Construct a 95% confidence interval estimate of the population slope between wine quality and the percentage of alcohol.b. At the 0.05
In Problem 13.6 on page 470, you used the total worldwide revenue ($ millions) and full time voluntary turnover (%) data stored in Best Companies to predict the number of full time jobs added. Using the results from that problem,a. Construct a 95% confidence interval estimate of the population
In Problem 13.7 on page 470, you used the total number of staff present and remote hours to predict standby hours (stored in Standby). Using the results from that problem,a. Construct a 95% confidence interval estimate of the population slope between standby hours and total number of staff
A small business analyst seeks to determine which variables should be used to predict small business mean annual revenue for U. S. metropolitan areas. The analyst decides to consider the independent variables age, the mean age (in months) of small businesses in the metropolitan area; and
In Problem 13.8 on page 470, you used land area of a property and age of a house to predict the fair market value (stored in GlenCove). Using the results from that problem,a. Construct a 95% confidence interval estimate of the population slope between fair market value and land area of a
Suppose X1 is a numerical variable and X2 is a dummy variable with two categories and the regression equation for a sample of n = 20 isŶi = 6 + 4Xli + 2X2ia. Interpret the regression coefficient associated with variable X1. b. Interpret the regression coefficient associated with
The chair of the accounting department plans to develop a regression model to predict the grade point average in accounting for those students who are graduating and have completed the accounting major, based on a student’s SAT score and whether the student received a grade of B or higher in the
A real estate association in a suburban community would like to study the relationship between the size of a single family house (as measured by the number of rooms) and the selling price of the house (in $ thousands). Two different neighborhoods are included in the study, one on the east side of
In Problem 13.5 on page 470, you developed a multiple regression model to predict wine quality for red wines. Now, you wish to determine whether there is an effect on wine quality due to whether the wine is white (0) or red (1). These data are organized and stored in RedandWhite . Develop a
In mining engineering, holes are often drilled through rock, using drill bits. As a drill hole gets deeper, additional rods are added to the drill bit to enable additional drilling to take place. It is expected that drilling time increases with depth. This increased drilling time could be caused by
The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of
In Problem 13.4 on page 469, you used efficiency ratio and total risk based capital stored in CommunityBanks to predict ROA at a community bank. Develop a regression model to predict ROA that includes efficiency ratio, total risk based capital, and the interaction of efficiency ratio and total risk
Zagat’s publishes restaurant ratings for various locations in the United States. The file Restaurants contains the Zagat rating for food, décor, service, and cost per person for a sample of 50 restaurants located in a city and 50 restaurants located in a suburb. (Data extracted from Zagat Survey
Profitability remains a challenge for banks and thrifts with less than $ 2 billion of assets. The business problem facing a bank analyst relates to the factors that affect return on assets (ROA), an indicator of how profitable a company is relative to its total assets. Data collected from a
In Problem 13.6 on page 470, you used the total worldwide revenue ($ millions) and full time voluntary turnover (%) data stored in BestCompanies to predict number of full time jobs added. Develop a regression model to predict the number of fulltime jobs added that includes full time voluntary
In Problem 13.5 on page 470, the percentage of alcohol and chlorides were used to predict the quality of red wines (stored in VinhoVerde). Develop a regression model that includes the percentage of alcohol, the chlorides, and the interaction of the percentage of alcohol and the chlorides to predict
In Problem 13.7 on page 470, you used the total staff present and remote hours to predict standby hours stored in Standby. Develop a regression model to predict standby hours that includes total staff present, remote hours, and the interaction of total staff present and remote hours.a. At the 0.05
How does the interpretation of the regression coefficients differ in multiple regression and simple linear regression?
Increasing customer satisfaction typically results in increased purchase behavior. For many products, there is more than one measure of customer satisfaction. In many, purchase behavior can increase dramatically with an increase in just one of the customer satisfaction measures. Gunst and Barry
The production of wine is a multibillion dollar worldwide industry. In an attempt to develop a model of wine quality as judged by wine experts, data was collected from red wine variants of Portuguese “ Vinho Verde” wine. A sample of 50 wines is stored in VinhoVerde. (Data extracted from P.
The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of
Professional basketball has truly become a sport that generates interest among fans around the world. More and more players come from outside the United States to play in the National Basketball Association (NBA). You want to develop a regression model to predict the number of wins achieved by each
A sample of 30 houses recently listed for sale in Silver Spring, Maryland, was selected with the objective of developing a model to predict the assessed value (in $ thousands), using the size of the house (in thousands of square feet) and age (in years). The results are stored in Silver Spring.a.
Measuring the height of a California redwood tree is very difficult because these trees grow to heights over 300 feet. People familiar with these trees understand that the height of a California redwood tree is related to other characteristics of the tree, including the diameter of the tree at the
A sample of 30 houses recently listed for sale in Silver Spring, Maryland, was selected with the objective of developing a model to predict the taxes (in $) based on the assessed value of houses (in $ thousands) and the age of the houses (in years) (stored in SilverSpring): a. State the
A baseball analytics specialist wants to determine which variables are important in predicting a team’s wins in a given season. He has collected data related to wins, earned run average (ERA), and runs scored per game in a recent season (stored in Baseball). Develop a model to predict the number
Referring to Problem 13.55, suppose that in addition to using ERA to predict the number of wins, the analytics specialist wants to include the league (0 = American, 1 = National) as an independent variable. Develop a model to predict wins based on ERA and league. For (a) through (j), do not include
You are a real estate broker who wants to compare property values in Glen Cove and Roslyn (which are located approximately 8 miles apart). In order to do so, you will analyze the data in GCRoslyn, a file that includes samples of houses from Glen Cove and Roslyn. Making sure to include the dummy
The list of Best Small Companies in America features a group with strong earnings growth across industries. A business analyst wishes to determine the relationship between earnings per share growth (%) and sales growth (%) and return on equity (%). Data were collected on 100 small companies and
Starbucks Coffee Co. uses a data based approach to improving the quality and customer satisfaction of its products. When survey data indicated that Starbucks needed to improve its package sealing process, an experiment was conducted to determine the factors in the bag sealing equipment that might
The business problem facing a human resource manager is to assess the impact of factors on full time job growth. Specifically, the human resource manager is interested in the impact of total worldwide revenues and full time voluntary turnover on the number of full time jobs added in a year. Data
An experiment was conducted to study the extrusion process of biodegradable packaging foam. Among the factors considered for their effect on the unit density (mg/ml) were the die temperature (145°C versus 155°C) and the die diameter (3 mm versus 4 mm). The results were stored in PackagingFoam3.
Referring to Problem 13.60, instead of predicting the unit density, you now wish to predict the foam diameter from results stored in PackagingFoam4 . Develop a multiple regression model that uses die temperature and die diameter to predict the foam diameter (mg/ml). Be sure to perform a thorough
The business problem facing the director of broadcasting operations for a television station was the issue of standby hours (i. e., hours in which unionized graphic artists at the station are paid but are not actually involved in any activity) and what factors were related to standby hours. The
Nassau County is located approximately 25 miles east of New York City. The data organized and stored in Glen Cove include the fair market value (in $ thousands), land area of the property in acres, and age, in years, for a sample of 30 single family homes located in Glen Cove, a small city in
The following ANOVA summary table is for a multiple regression model with two independent variables:a. Determine the regression mean square (MSR) and the mean square error (MSE). b. Compute the overall FSTAT test statistic. c. Determine whether there is a significant relationship between Y and
Open EndRunGuide. pdf, which contains the EndRun Financial Services “ Guide to Investing.” Review the guide, paying close attention to the company’s investment claims and supporting data and then answer the following.1. How does the presentation of the general information about EndRun in this
Part 1 Even after the recent public experiment about cereal box weights, Consumers Concerned About Cereal Cheaters (CCACC) remains convinced that Oxford Cereals has misled the public. The group has created and circulated More Cheating. pdf, a document in which it claims that ce-real boxes
Open Oxford Current News. pdf, a portfolio of current news releases from Oxford Cereals. Review the relevant press releases and supporting documents. Then answer the following questions:1. Are the results of the experiment valid? Why or why not? If you were conducting the experiment, is there
Among its other features, the MyTVLab website allows customers to purchase MyTVLab LifeStyles merchandise online. To handle payment processing, the management of MyTVLab has contracted with the following firms:• PayAFriend (PAF)— This is an online payment system with which customers and

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