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Basic Business Statistics Concepts And Applications 12th Edition Mark L. Berenson, David M. Levine, Timothy C. Krehbiel - Solutions

Fitting a straight line to a set of data yields the following prediction line:a. Interpret the meaning of the Y intercept, b0. b. Interpret the meaning of the slope, b1. c. Predict the value of Y for X = 6.
In Problem 13.8 on page 531, you used annual revenues to predict the value of a baseball franchise. Perform a residual analysis for these data (stored in BBRevenue). Based on these results, evaluate whether the assumptions of regression have been seriously violated. In problem The value of a sports
In Problem 13.10 on page 532, you used box office gross to predict DVD revenue. Perform a residual analysis for these data (stored in Movie). Based on these results, evaluate whether the assumptions of regression have been seriously violated.In problem
The residuals for 10 consecutive time periods are as follows:a. Plot the residuals over time. What conclusion can you reach about the pattern of the residuals over time? b. Based on (a), what conclusion can you reach about the autocorrelation of the residuals?
The residuals for 15 consecutive time periods are as follows:a. Plot the residuals over time. What conclusion can you reach about the pattern of the residuals over time? b. Compute the Durbin-Watson statistic. At the 0.05 level of significance, is there evidence of positive autocorrelation among
In Problem 13.4 on page 531 concerning pet food sales, the marketing manager used shelf space for pet food to predict weekly sales. a. Is it necessary to compute the Durbin-Watson statistic in this case? Explain. b. Under what circumstances is it necessary to compute the Durbin-Watson statistic
What is the relationship between the price of crude oil and the price you pay at the pump for gasoline? The file Oil & gas contains the price ($) for a barrel of crude oil (Cushing, Oklahoma spot price) and a gallon of gasoline (New York Harbor Conventional spot price) for 104 weeks ending June 25,
A mail-order catalog business that sells personal computer supplies, software, and hardware maintains a centralized warehouse for the distribution of products ordered. Management is currently examining the process of distribution from the warehouse and is interested in studying the factors that
A freshly brewed shot of espresso has three distinct components: the heart, body, and crema. The separation of these three components typically lasts only 10 to 20 seconds. To use the espresso shot in making a latte, a cappuccino, or another drink, the shot must be poured into the beverage during
The owner of a chain of ice cream stores has the business objective of improving the forecast of daily sales so that staffing shortages can be minimized during the summer season. The owner has decided to begin by developing a simple linear regression model to predict daily sales based on
You are testing the null hypothesis that there is no linear relationship between two variables, X and Y. From your sample of n = 10, you determine that r = 0.80.a. What is the value of the t test statistic tSTAT?b. At the α = 0.05 level of significance, what are the critical values?c. Based on
The marketing manager of a large supermarket chain would like to use shelf space to predict the sales of pet food. A random sample of 12 equal-sized stores is selected, with the following results (stored in Petfood):a. Construct a scatter plot.For these data, b0 = 145 and b1 = 7.4.b. Interpret the
You are testing the null hypothesis that there is no linear relationship between two variables, X and Y. From your sample of n = 18, you determine that b1 = +4.5 and Sb1 = 1.5.a. What is the value of tSTAT?b. At the α = 0.05 level of significance, what are the critical values?c. Based on your
You are testing the null hypothesis that there is no linear relationship between two variables, X and Y. From your sample of n = 20, you determine that SSR = 60 and SSE = 40.a. What is the value of FSTAT?b. At the α = 0.05 level of significance, what is the critical value?c. Based on your answers
In Problem 13.4 on page 531, the marketing manager used shelf space for pet food to predict weekly sales. The data are stored in Petfood. From the results of that problem, b1 = 7.4 and Sb1 = 1.59.a. At the 0.05 level of significance, is there evidence of a linear relationship between shelf space
In Problem 13.5 on page 531, you used the summated rating of a restaurant to predict the cost of a meal. The data are stored in Restaurent. Using the results of that problem, b1 = 1.2409 and Sb1 = 0.1421.a. At the 0.05 level of significance, is there evidence of a linear relationship between the
In Problem 13.6 on page 531, 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 of
In Problem 13.7 on page 531, you used the number of customers to predict the waiting time on the checkout line. The data are stored in Supermarket. Use the results of that problem.a. At the 0.05 level of significance, is there evidence of a linear relationship between the number of customers and
In Problem 13.8 on page 531, you used annual revenues to predict the value of a baseball franchise. The data are stored in BBRevenue. 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 value?b.
In Problem 13.9 on page 532, an agent for a real estate company wanted to predict the monthly rent for apartments, based on the size of the apartment. The data are stored in Rent. Use the results of that problem.a. At the 0.05 level of significance, is there evidence of a linear relationship
In Problem 13.10 on page 532, 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% confidence
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 NewYork City and in a suburb of NewYork City. Develop a regression model to
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 13.49) for these funds are therefore approximately 1.0, and the estimated market models for these funds are approximately(%weekly change
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 six Harry Potter movies that debuted from 2001 to 2009:a.
College basketball is big business, with coaches' salaries, revenues, and expenses in millions of dollars. The file contains the coaches' salary and revenue for college basketball at 60 of the 65 schools that played in the 2009 NCAA men's basketball tournament. (Data extracted from "Compensation
College football players trying out for the NFL are given the Wonderlic standardized intelligence test. The file Wonderlic lists the average Wonderlic scores of football players trying out for the NFL and the graduation rates for football players at the schools they attended. (Data extracted from
Based on a sample of n = 20, the least-squares method was used to develop the following prediction line:t = 5 + 3Xt,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 = 2.
Based on a sample of n = 20, the least-squares method was used to develop the following prediction line: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 response for X = 4.c. Compare the
In Problem 13.5 on page 531, 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 = 9.5505 and ht = 0.026844 when X = 50. a. Construct a 95% confidence interval estimate of the mean cost of a meal for restaurants that
In Problem 13.4 on page 531, the marketing manager used shelf space for pet food to predict weekly sales. The data are stored in Petfood. For these data, SYX = 30.81 and ht = 0.1373 when X = 8.a. Construct a 95% confidence interval estimate of the mean weekly sales for all stores that have 8 feet
In Problem 13.7 on page 531, you used the total number of customers in the store to predict the waiting time at the checkout counter. The data are stored in Supermarket. a. Construct a 95% confidence interval estimate of the mean waiting time for all customers when there are 20 customers in the
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 13.6 on page 531, 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 13.9 on page 532, an agent for a real estate company wanted to predict the monthly rent for apartments, based on the size of an apartment. The data are stored in Rent. a. Construct a 95% confidence interval estimate of the mean monthly rental for all apartments that are 1,000 square feet
In Problem 13.8 on page 531, you predicted the value of a baseball franchise, based on current revenue. The data are stored in BBRevenue. a. Construct a 95% confidence interval estimate of the mean value of all baseball franchises that generate $200 million of annual revenue. b. Construct a 95%
In Problem 13.10 on page 532, 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 $75 million.a. What is the predicted DVD revenue?b. Which interval is more useful here, the confidence interval
What is the interpretation of the Y intercept and the slope in the simple linear regression equation? Discuss.
When is the unexplained variation (i.e., error sum of squares) equal to 0?
When is the explained variation (i.e., regression sum of squares) equal to 0?
Why should you always carry out a residual analysis as part of a regression model?
A critically important aspect of customer service in a supermarket is the waiting time at the checkout (defined as the time the customer enters the line until he or she is served). Data were collected during time periods in which a constant number of checkout counters were open. The total number of
How do you evaluate the assumptions of regression analysis? Discuss.
Researchers from the Pace University Lubin School of Business conducted a study on Internet-supported courses. In one part of the study, four numerical variables were collected on 108 students in an introductory management course that met once a week for an entire semester. One variable collected
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 a very difficult undertaking 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
You want to develop a model to predict the selling price of homes based on assessed value. A sample of 30 recently sold single-family houses in a small city is selected to study the relationship between selling price (in thousands of dollars) and assessed value (in thousands of dollars). The houses
You want to develop a model to predict the assessed value of houses, based on heating area. A sample of 15 single-family houses in a city is selected. The assessed value (in thousands of dollars) and the heating area of the houses (in thousands of square feet) are recorded; the results are stored
The director of graduate studies at a large college of business would like to predict the grade point average (GPA) of students in an MBA program based on Graduate Management Admission Test (GMAT) score. A sample of 20 students who have completed two years in the program is selected. The results
An accountant for a large department store would like to develop 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. a. Assuming a linear
The value of a sports franchise is directly related to the amount of revenue that a franchise can generate. The file BBRevenue represents the value in 2010 (in millions of dollars) and the annual revenue (in millions of dollars) for the 30 major league baseball franchises. (Data extracted from
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
Crazy Dave, a well-known baseball analyst, would like to study various team statistics for the 2009 baseball season to determine which variables might be useful in predicting the number of wins achieved by teams during the season. He has decided to begin by using a team's earned run average (ERA),
Can you use the annual revenues generated by National Basketball Association (NBA) franchises to predict franchise values? Figure 2.15 on page 57 shows a scatter plot of revenue with franchise value, and Figure 3.10 on page 129, shows the correlation coefficient. Now, you want to develop a simple
In Problem 13.82 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
Can demographic information be helpful in predicting sales at sporting goods stores? The file contains the monthly sales totals from a random sample of 38 stores in a large chain of nationwide sporting goods stores. All stores in the franchise, and thus within the sample, are approximately the same
For the data of Problem 13.85, repeat (a) through (g), using Age as the independent variable.In problem 13.85a. Construct a scatter plot, using sales as the dependent variable and median family income as the independent variable. Discuss the scatter plot.b. Assuming a linear relationship, use the
For the data of Problem 13.85, repeat (a) through (g), using HS as the independent variable.In problema. Construct a scatter plot, using sales as the dependent variable and median family income as the independent variable. Discuss the scatter plot.b. Assuming a linear relationship, use the
For the data of Problem 13.85, repeat (a) through (g), using College as the independent variable.In problema. Construct a scatter plot, using sales as the dependent variable and median family income as the independent variable. Discuss the scatter plot.b. Assuming a linear relationship, use the
For the data of Problem 13.85, repeat (a) through (g), using Growth as the independent variable.In problema. Construct a scatter plot, using sales as the dependent variable and median family income as the independent variable. Discuss the scatter plot.b. Assuming a linear relationship, use the
An agent for a residential real estate company in a large city would like to be able to predict the monthly rental cost for apartments, based on the size of an apartment, as defined by square footage. The agent selects a sample of 25 apartments in a particular residential neighborhood and gathers
The file includes the total compensation (in $) of CEOs of 197 large public companies and their investment return in 2009.a. Compute the correlation coefficient between compensation and the investment return in 2009.b. At the 0.05 level of significance, is the correlation between compensation and
Refer to the discussion of beta values and market models in Problem 13.49 on page 553. The S&P 500 Index tracks the overall movement of the stock market by considering the stock prices of 500 large corporations. The file contains 2009 weekly data for the S&P 500 and three companies. The following
For this problem, use the following multiple regression equation:a. 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
Eileen M. VanAken and Brian M. Kleiner, professors at Virginia Polytechnic Institute and State University, investigated the factors that contribute to the effectiveness of teams. (Data extracted from "Determinants of Effectiveness for Cross- Functional Organizational Design Teams," Quality
In Problem 14.3 on page 582, you predicted the durability of a brand of running shoe, based on the forefoot shock-absorbing capability and the change in impact properties over time. The regression analysis resulted in the following ANOVA summary table:a. Determine whether there is a significant
In Problem 14.5 on page 583, you used horsepower and weight to predict mileage (stored in Auto2010). Using the results from that problem, a. Determine whether there is a significant relationship between mileage and the two independent variables (horsepower and weight) at the 0.05 level of
In Problem 14.4 on page 583, you used sales and number of orders to predict distribution costs at a mail-order catalog business (stored in WareCost). Use the results from that problem.a. Determine whether there is a significant relationship between distribution costs and the two independent
In Problem 14.7 on page 584, you used the total staff present and remote hours to predict standby hours (stored in Standby). Use the results from that problem.a. Determine whether there is a significant relationship between standby hours and the two independent variables (total staff present and
In Problem 14.6 on page 583, you used radio advertising and newspaper advertising to predict sales (stored in Advertise). Use the results from that problem.a. Determine whether there is a significant relationship between sales and the two independent variables (radio advertising and newspaper
In Problem 14.8 on page 584, you used the land area of a property and the age of a house to predict appraised value (stored in GlenCove). Use the results from that problem.a. Determine whether there is a significant relationship between appraised value and the two independent variables (land area
In Problem 14.4 on page 583, you used sales and number of orders to predict distribution costs at a mail-order catalog business (stored in WareCost).a. Plot the residuals versus t b. Plot the residuals versus X1y.c. Plot the residuals versus X2t.d. Plot the residuals versus time.e. In the residual
In Problem 14.5 on page 583, you used horsepower and weight to predict mileage (stored in Auto2010). a. Plot the residuals versus b. Plot the residuals versus X1t. c. Plot the residuals versus X2t. d. In the residual plots created in (a) through (c), is there any evidence of a violation of the
For this problem, use the following multiple regression equation:a. Interpret the meaning of the slopes. b. Interpret the meaning of the Y intercept.
In Problem 14.6 on page 583, you used radio advertising and newspaper advertising to predict sales (stored in Advertise). 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 14.7 on page 584, 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 14.8 on page 584, you used the land area of a property and the age of a house to predict appraised 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 for
Use the following information from a multiple regression analysis:n = 25 b1 = 5 b2 = 10 Sb1 = 2 Sb2 = 81. Which variable has the largest slope, in units of a t statistic?2. Construct a 95% confidence interval estimate of the population slope, β1.3. At the 0.05 level of significance, determine
Use the following information from a multiple regression analysis:n = 20 b1 = 4 b2 = 3 Sb1 = 1.2 Sb2 = 0.8i. Which variable has the largest slope, in units of a t statistic?ii. Construct a 95% confidence interval estimate of the population slope, β1.iii. At the 0.05 level of significance,
In Problem 14.3 on page 582, you predicted the durability of a brand of running shoe, based on the forefoot shock-absorbing capability (FOREIMP) and the change in impact properties over time (MIDSOLE) for a sample of 15 pairs of shoes. Use the following results:a. Construct a 95% confidence
In Problem 14.4 on page 583, you used sales and number of orders to predict distribution costs at a mail-order catalog business (stored in WareCost). Use the results from that problem. a. Construct a 95% confidence interval estimate of the population slope between distribution cost and sales. b. At
In Problem 14.5 on page 583, you used horsepower and weight to predict mileage (stored in Auto2010). Use the results from that problem. a. Construct a 95% confidence interval estimate of the population slope between mileage and horsepower. b. At the 0.05 level of significance, determine whether
In Problem 14.6 on page 583, you used radio advertising and newspaper advertising to predict sales (stored in Advertise). Use the results from that problem. a. Construct a 95% confidence interval estimate of the population slope between sales and radio advertising. b. At the 0.05 level of
In Problem 14.7 on page 584, you used the total number of staff present and remote hours to predict standby hours (stored in Standby). Use 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 shoe manufacturer is considering developing a new brand of running shoes. The business problem facing the marketing analyst is to determine which variables should be used to predict durability (i.e., the effect of long-term impact). Two independent variables under consideration are X1 (FOREIMP),
In Problem 14.8 on page 584, you used land area of a property and age of a house to predict appraised value (stored in GlenCove). Use the results from that problem. a. Construct a 95% confidence interval estimate of the population slope between appraised value and land area of a property. b. At the
The following is the ANOVA summary table for a multiple regression model with two independent variables:If and SSR (X1) = 45 and SSR(X2) = 25,a. Determine whether there is a significant relationship between Y and each independent variable at the 0.05 level of significance.b. Compute the
The following is the ANOVA summary table for a multiple regression model with two independent variables:If SSR(X1) = 20 and SSR(X2) = 15, a. Determine whether there is a significant relationship between Y and each independent variable at the 0.05 level of significance. b. compute the coefficients
In Problem 14.5 on page 583, you used horsepower and weight to predict mileage (stored in ). Use the results from that problem.a. At the 0.05 level of significance, determine whether each independent variable makes a significant contribution to the regression model. On the basis of these results,
In Problem 14.4 on page 583, you used sales and number of orders to predict distribution costs at a mail-order catalog business (stored in WareCost). Use the results from that problem.a. At the 0.05 level of significance, determine whether each independent variable makes a significant contribution
In Problem 14.7 on page 584, you used the total staff present and remote hours to predict standby hours (stored in Standby). Use the results from that problem.a. At the 0.05 level of significance, determine whether each independent variable makes a significant contribution to the regression model.
In Problem 14.6 on page 583, you used radio advertising and newspaper advertising to predict sales (stored in Advertise). Use the results from that problem. a. At the 0.05 level of significance, determine whether each independent variable makes a significant contribution to the regression model. On
In Problem 14.8 on page 584, you used land area of a property and age of a house to predict appraised value (stored in GlenCove). Use the results from that problem. a. At the 0.05 level of significance, determine whether each independent variable makes a significant contribution to the regression
Suppose X1 is a numerical variable and X2 is a dummy variable and the regression equation for a sample of n = 20 isa. Interpret the regression coefficient associated with variable X1.b. Interpret the regression coefficient associated with variable X2.c. Suppose that the tSTAT test statistic for
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 the student's SAT score and whether the student received a grade of B or higher in the
A mail-order catalog business selling personal computer supplies, software, and hardware maintains a centralized warehouse. Management is currently examining the process of distribution from the warehouse. The business problem facing management relates to the factors that affect warehouse
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 of dollars). Two different neighborhoods are included in the study, one on the east

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