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Basic Business Statistics Concepts And Applications 13th Global Edition Mark Berenson, David Levine, Kathryn Szabat - Solutions

Define the terms explained variation and unexplained variation. How are they interrelated? Illustrate.
What do you understand by the term standard error of estimate?
In Problem 13.10 on page 529, 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
In Problem 13.8 on page 529, you predicted the value of a baseball franchise, based on current revenue. The data are stored in BBRevenue2013 .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 13.9 on page 529, 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 13.6 on page 529, 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 13.7 on page 529, 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 95%
In Problem 13.4 on page 528, 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 13.5 on page 528, 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
Based on a sample of n = 20, the least-squares method was used to develop the following prediction line: Y ni = 5 + 3Xi.In addition, SYX = 1.0 X = 2 a ni = 1 1Xi - X22 = 20a. Construct a 95% confidence interval estimate of the population mean response for X = 4.b. Construct a 95% prediction
Based on a sample of n = 20, the least-squares method was used to develop the following prediction line: Y ni = 5 + 3Xi.In addition, SYX = 1.0 X = 2 a ni = 1 1Xi - X 22 = 20a. Construct a 95% confidence interval estimate of the population mean response for X = 2.b. Construct a 95% prediction
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
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
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 2011:
The file Cereals contains the calories and sugar, in grams, in one serving of seven breakfast cereals:
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?
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
In Problem 13.10 on page 529, 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
In Problem 13.9 on page 529, 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 of a
In Problem 13.8 on page 529, you used annual revenues to predict the value of a baseball franchise. The data are stored in BBRevenue2013 . 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 13.7 on page 529, 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 13.6 on page 529, 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 13.5 on page 528, you used the summated rating of a restaurant to predict the cost of a meal. The data are stored in Restaurants . Using the results of that problem, b1 = 1.4963 and Sb1 = 0.1379.a. At the 0.05 level of significance, is there evidence of a linear relationship between the
In Problem 13.4 on page 529, you used the percentage of alcohol to predict wine quality. The data are stored in VinhoVerde . From the results of that problem, b1 = 0.5624 and Sb1 = 0.1127.a. At the 0.05 level of significance, is there evidence of a linear relationship between the percentage of
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 a = 0.05 level of significance, what is the critical value?c. Based on your answers
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 a = 0.05 level of significance, what are the critical values?
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 a = 0.05 level of significance, what are the critical values?c. Based on your
The owners of a chain of ice cream stores have the business objective of improving the forecast of daily sales so that staffing shortages can be minimized during the summer season. As a starting point, the owners decide to develop a simple linear regression model to predict daily sales based on
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
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 has the business objective of determining the
What is the relationship between the price of crude oil and the price you pay at the pump for gasoline? The file Oil & Gasoline contains the price ($) for a barrel of crude oil(Cushing, Oklahoma, spot price) and a gallon of gasoline (U.S.average conventional spot price) for 181 weeks, ending June
In Problem 13.7 on page 529 concerning the bag sealing equipment at Starbucks, you used the plate gap to predict the tear rating.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 before
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 the
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?
In Problem 13.10. on page 529, 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 13.8. on page 529, you used annual revenues to predict the value of a baseball franchise. Perform a residual analysis for these data (stored in BBRevenue2013 ). Based on these results, evaluate whether the assumptions of regression have been seriously violated.
In Problem 13.9. on page 529, an agent for a real estate company wanted to predict the monthly rent for one-bedroom apartments, based on the size of the apartments. Perform a residual analysis for these data (stored in RentSilverSpring ). Based on these results, evaluate whether the assumptions of
In Problem 13.6. on page 529, the owner of a moving company wanted to predict labor hours based on the cubic feet moved.Perform a residual analysis for these data (stored in Moving ).
In Problem 13.7. on page 529, you used the plate gap on the bag-sealing equipment to predict the tear rating of a bag of coffee.Perform a residual analysis for these data (stored in Starbucks ).Based on these results, evaluate whether the assumptions of regression have been seriously violated.
In Problem 13.4. on page 528, you used the percentage of alcohol to predict wine quality. Perform a residual analysis for these data (stored in VinhoVerde ). Evaluate whether the assumptions of regression have been seriously violated.
In Problem 13.5 on page 529, you used the summated rating to predict the cost of a restaurant meal. Perform a residual analysis for these data (stored in Restaurants ). Evaluate whether the assumptions of regression have been seriously violated.SELF Test
The following results show the X values, residuals, and a residual plot from a regression analysis:
The following results provide the X values, residuals, and a residual plot from a regression analysis:
In Problem 13.10 on page 529, you used box office gross to predict DVD revenue (stored in Movie ). Using the results of that problem,a. determine the coefficient of determination, r2, and interpret its meaning.b. determine the standard error of the estimate.c. How useful do you think this
In Problem 13.9 on page 529, an agent for a real estate company wanted to predict the monthly rent for onebedroom apartments, based on the size of the apartment (stored in Rent-SilverSpring ). Using the results of that problem,a. determine the coefficient of determination, r2, and interpret its
In Problem 13.8 on page 529, you used annual revenues to predict the value of a baseball franchise (stored in BBRevenue2013 ). Using the results of that problem,a. determine the coefficient of determination, r2, and interpret its meaning.b. determine the standard error of the estimate.c. How useful
In Problem 13.7 on page 529, you used the plate gap on the bag-sealing equipment to predict the tear rating of a bag of coffee (stored in Starbucks ). Using the results of that problem,a. determine the coefficient of determination, r2, and interpret its meaning.b. determine the standard error of
In Problem 13.6 on page 529, an owner of a moving company wanted to predict labor hours, based on the cubic feet moved(stored in Moving ). Using the results of that problem,a. determine the coefficient of determination, r2, and interpret its meaning.b. determine the standard error of the
In Problem 13.5 on page 529, you used the summated rating to predict the cost of a restaurant meal (stored in Restaurants ).For those data, SSR = 9,740.0629 and SST = 17,844.75.a. Determine the coefficient of determination, r2, and interpret its meaning.b. Determine the standard error of the
In Problem 13.4 on page 528, the percentage of alcohol was used to predict wine quality (stored in VinhoVerde ). For those data, SSR = 21.8677 and SST = 64.0000.a. Determine the coefficient of determination, r2, and interpret its meaning.b. Determine the standard error of the estimate.c. How useful
Can the value of r be negative? Why or why not?
The r extracted from two research reports predicting sales are 0.45 and 0.95. Which report will project sales better?
Assume that the results of a report state that the coefficient of determination varies from 0.75 to 0.89. Interpret the results.
If SSR = 36 and SSE = 4, determine SST and then compute the coefficient of determination, r2, and interpret its meaning.
How do you interpret a coefficient of determination, r2 equal to 0.80?
A company that holds the DVD distribution rights to movies previously released only in theaters has the business objective of developing estimates of the sales revenue of DVDs. Toward this goal, a company analyst plans to use box office gross to predict DVD sales revenue. For 43 movies, the analyst
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
The value of a sports franchise is directly related to the amount of revenue that a franchise can generate. The file BBRevenue2013 represents the value in 2013 (in $millions)and the annual revenue (in $millions) for the 30 Major League Baseball franchises. (Data extracted from
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 be
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
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
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. (Data extracted from P. Cortez, Cerdeira, A., Almeida, F., Matos, T., and
The following regression line predicts the final exam grades based on interim examination grades:a. Explain, in words, the dependent and independent variable.b. Explain what the value of 0.51 represents.c. Determine the change in Y, if the value of X changes from 70 to 80.
If the values of X in Problem 13.1 range from 2 to 25, should you use this model to predict the mean value of Y when X equalsa. 3?b. -3?c. 0?d. 24?
The following regression line predicts the final exam grades based on interim examination grades:Y ni = 0.51 + 3.15Xia. Explain, in words, the dependent and independent variable.b. Explain what the value of 0.51 represents.c. Determine the change in Y, if the value of X changes from 70 to 80.
A company that produces and markets continuing education programs on DVDs for the educational testing industry has traditionally mailed advertising to prospective customers. A market research study was undertaken to compare two approaches:mailing a sample DVD upon request that contained highlights
A company is considering an organizational change involving the use of self-managed work teams. To assess the attitudes of employees of the company toward this change, a sample of 400 employees is selected and asked whether they favor the institution of self-managed work teams in the organization.
What social media tools do marketers commonly use?The “2012 Social Media Marketing Industry Report” by Social Media Examiner (socialmediaexaminer.com) surveyed the percentage of marketers who commonly use an indicated social media tool. Surveyed were both B2B marketers, marketers that focus
Undergraduate students at Miami University in Oxford, Ohio, were surveyed in order to evaluate the effect of gender and price on purchasing a pizza from Pizza Hut. Students were told to suppose that they were planning to have a large two-topping pizza delivered to their residence that evening. The
Under what conditions should you use the Kruskal-Wallis rank test instead of the one-way ANOVA?
Under what conditions should you use the Wilcoxon rank sum test instead of the t test for the difference between the means?
Under what conditions should you use the x2 test of independence?
State the purpose of using multiple-comparisons procedure such as the Marascuilo procedure. Explain briefly the computation for Marascuilo procedure to determine the difference in proportion.
What is the difference between Chi-Square test for differences among more than two proportions and Chi-Square Test of Independence?
The more costly and time consuming it is to export and import, the more difficult it is for local companies to be competitive and to reach international markets. As part of an initial investigation exploring foreign market entry, 10 countries were selected from each of four global regions. The cost
A sporting goods manufacturing company wanted to compare the distance traveled by golf balls produced using each of four different designs. Ten balls of each design were manufactured and brought to the local golf course for the club professional to test. The order in which the balls were hit with
An advertising agency has been hired by a manufacturer of pens to develop an advertising campaign for the upcoming holiday season. To prepare for this project, the research director decides to initiate a study of the effect of advertising on product perception.An experiment is designed to compare
QSR magazine has been reporting on the largest quickserve and fast-casual brands in the United States for nearly 15 years. The file QSR contains the food segment (burger, chicken, pizza, or sandwich) and U.S. mean sales per unit ($thousands) for each of 38 quick-service brands. (Data extracted from
A hospital conducted a study of the waiting time in its emergency room. The hospital has a main campus, along with three satellite locations. Management had a business objective of reducing waiting time for emergency room cases that did not require immediate attention. To study this, a random
A pet food company has the business objective of expanding its product line beyond its current kidney- and shrimp-based cat foods. The company developed two new products—one based on chicken livers and the other based on salmon. The company conducted an experiment to compare the two new products
For this problem, use the results of Problem 12.43.a. State the decision rule for testing the null hypothesis that all six groups have equal population medians.b. What is your statistical decision if the computed value of the test statistic H is 13.77?
What is the upper-tail critical value from the chi-square distribution if you use the Kruskal-Wallis rank test for comparing the medians in six populations at the 0.01 level of significance?
An important feature of digital cameras is battery life, the number of shots that can be taken before the battery needs to be recharged. The file Cameras contains the battery life of 11 subcompact cameras and 7 compact cameras. (Data extracted from“Cameras,” Consumer Reports, July 2012, pp.
A bank with a branch located in a commercial district of a city has developed an improved process for serving customers during the noon-to-1 p.m. lunch period. The bank has the business objective of reducing the waiting time (defined as the number of minutes that elapse from when the customer
Brand valuations are critical to CEOs, financial and marketing executives, security analysts, institutional investors, and others who depend on well-researched, reliable information for assessments and comparisons in decision making. Millward Brown, Inc., has annually compiled its BrandZ Top 100
The lengths of life (in hours) of a sample of 40 100-watt compact fluorescent light bulbs produced by Manufacturer A and a sample of 40 20-watt compact fluorescent light bulbs produced by Manufacturer B are stored in Bulbs .a. Using a 0.05 level of significance, is there evidence of a difference in
The management of a hotel has the business objective of increasing the return rate for hotel guests.One aspect of first impressions by guests relates to the time it takes to deliver a guest’s luggage to the room after check-in to the hotel. A random sample of 20 deliveries on a particular day
A problem with a telephone line that prevents a customer from receiving or making calls is upsetting to both the customer and the telephone company. The file Phone contains samples of 20 problems reported to two different offices of a telecommunications company and the time to clear these problems
Wine experts Gaiter and Brecher use a six-category scale when rating wines: Yech, OK, Good, Very Good, Delicious, and Delicious! Suppose Gaiter and Brecher tested wines from a random sample of eight inexpensive California Cabernets and a random sample of eight inexpensive Washington Cabernets,
A vice president for marketing recruits 20 college graduates for management training. Each of the 20 individuals is randomly assigned to one of two groups (10 in each group). A“traditional” method of training (T) is used in one group, and an“experimental” method (E) is used in the other.
In Problems 12.32 and 12.33, what is your statistical decision?
From Problem 12.32, at the 0.05 level of significance, determine the lower-tail critical value for the Wilcoxon rank sum test statistic, T1, if you want to test the null hypothesis, H0: M1 Ú M2, against the one-tail alternative, H1: M1 6 M2.
The following information is available for two samples selected from independent and similarly shaped right-skewed populations:
In Problems 12.29 and 12.30, what is your statistical decision?
level of significance and the alternative hypothesis is H1: M1 ≠ M2?
In Problem 12.29, what are the lower- and upper-tail critical values for the test statistic T1 from Table E.6 if you use a
The following information is available for two samples selected from independent populations:Sample 1: n1 = 7 Assigned ranks: 4 1 8 2 5 10 11 Sample 2: n2 = 9 Assigned ranks: 7 16 12 9 3 14 13 6 15 What is the value of T1 if you are testing the null hypothesis H0: M1 = M2?
Using Table E.6, determine the lower-tail critical value for the Wilcoxon rank sum test statistic, T1, in each of the following one-tail tests:a. a = 0.05, n1 = 6, n2 = 8b. a = 0.025, n1 = 6, n2 = 8c. a = 0.01, n1 = 6, n2 = 8d. a = 0.005, n1 = 6, n2 = 8
Using Table E.6, determine the lower- and upper-tail critical values for the Wilcoxon rank sum test statistic, T1, in each of the following two-tail tests:a. a = 0.10, n1 = 6, n2 = 8b. a = 0.05, n1 = 6, n2 = 8c. a = 0.01, n1 = 6, n2 = 8d. Given the results in (a) through (c), what do you conclude
The 2012 Restaurant Industry Forecast takes a closer look at today’s consumers. Based on a 2011 National Restaurant Association survey, American adults are categorized into one of three consumer segments (optimistic, cautious, and hunkered down) based on their financial situation, current

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