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business statistics using excel
Basic Business Statistics Concepts And Applications 5th Edition L. Berenson Mark, David Levine, Kathryn Szabat, Judith Watson, Nicola Jayne, Martin O'brien - Solutions
In problem 13.8. on page 510, you used radio and newspaper advertising to predict the product sales. Using the computer output from that problem:
In problem 13.7. on page 510, you used GDP per capita and CPI to estimate the percentage of very happy people in a country. Using the computer output from that problem:a. Construct a 95% confidence interval estimate of the population slope between happiness percentage and GDP per capita.b. At the
In problem 13.6. on page 510, a wine expert used alcohol content and chlorides to predict wine quality. Using the computer output from that problem:a. Construct a 95% confidence interval estimate of the population slope between wine quality and chlorides.b. At the 0.05 level of significance,
In problem 13.5 on page 509, you used GDP and population density to estimate CO2 emissions. Using the computer output from that problem:a. Construct a 95% confidence interval estimate of the population slope between GDP and population density.b. At the 0.05 level of significance, determine whether
In problem 13.4 on page 509, a financial planner used unemployment rates and share market returns to predict retirement rates in OECD countries. Using the computer output from that problem:a. Construct a 95% confidence interval estimate of the population slope between retirement rate and
In problem 13.3. on page 509, a marketing analyst predicted the durability of a brand of tennis 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%
You are given the following information from a multiple regression analysis:n = 45, b1 = 7, b2 = 6, Sb1= 2.5, Sb2= 1.5a. 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,
In problem 13.8 on page 510, you used radio and newspaper advertising to predict product sales. Perform a residual analysis on the results and determine the adequacy of the model.
In problem 13.7 on page 510, you used GDP per capita and CPI to estimate the percentage of very happy people in a country. Perform a residual analysis on your results and determine the adequacy of the model.
In problem 13.6 on page 510, a wine expert used alcohol content and chlorides to predict wine quality. Perform a residual analysis on the results and determine the adequacy of the model.
In problem 13.5 on page 509, you used GDP and population density to estimate CO2 emissions. Perform a residual analysis on the results and determine the adequacy of the model.
In problem 13.4 on page 509, a financial planner used unemployment rates and share market returns to predict retirement rates in OECD countries. Perform a residual analysis on the results and determine the adequacy of the model.
In problem 13.8 on page 510, you used radio and newspaper advertising to predict product sales. Using the computer output from that problem:a. Determine whether there is a significant relationship between product sales and the two independent variables(radio and newspaper advertising) at the 0.05
In problem 13.6 on page 510, a wine expert used alcohol content and amount of chlorides to predict wine quality. Using the computer output from that problem:a. Determine whether there is a significant relationship between wine quality and the two independent variables(alcohol and chlorides) at the
In problem 13.7 on page 510, you used GDP per capita and CPI to estimate the percentage of very happy people in a country. Using the computer output from that problem:a. Determine whether there is a significant relationship between percentage of very happy people and the two independent variables
In problem 13.4. on page 509, a financial planner used unemployment rates and share market returns to predict retirement rates in OECD countries. Using the computer output from that problem:a. Determine whether there is a significant relationship between retirement rates and the two independent
In problem 13.5. on page 509, you used GDP and population density to estimate CO2 emissions. Using the computer output from that problem:a. Determine whether there is a significant relationship between CO2 emissions and the two independent variables(GDP and population distribution) at the 0.05
In problem 13.3. on page 509, a marketing analyst predicted the durability of a brand of tennis 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.
Thousands of tourists travel on the free City Circle tram in Melbourne every day, together with many locals who simply want to get from one place to another. In a survey on the tram, tourists are asked to rank their ‘enjoyment’ of the service from 1(very low) to 5 (very high); a range of 19
The following ANOVA summary table is for a multiple regression model with two independent variables.a. Determine the mean square that is due to regression and the mean square that is due to error.b. Calculate the F statistic.c. Determine whether there is a significant relationship between Y and the
The following ANOVA summary table is for a multiple regression model with two independent variables.a. Determine the mean square due to regression and the mean square due to error.b. Calculate the F statistic.c. Determine whether there is a significant relationship between Y and the two independent
The business problem facing a consumer products company is to measure the effectiveness of different types of advertising media in the promotion of its products. Specifically, the company is interested in the effectiveness of radio advertising and newspaper advertising (including the cost of
The study of ‘happiness’ and wellbeing is becoming popular in both economics and social science as an alternative to GDP as a measure of countries’ standard of living. In an attempt to analyse the possible connection (if any) between happiness and economic variables we have obtained survey
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. A sample of 50 wines is stored in < VINHO_VERDE_RED_AND_WHITE > (data obtained from P.
Climate change and a country’s carbon footprint are contentious issues faced by many governments. Limiting or reducing carbon dioxide emissions is seen as a priority by climate change activists. Here we attempt to predict CO2 emissions (million metric tonnes) for 14 countries based upon their GDP
A financial planner believes that retirement trends reflect the trends in the labour market and also share market returns. She collects data on 15 OECD countries’ retirement rates (%), unemployment rates (%) and share market returns for 2011.< RETIRE >a. State the multiple regression equation.b.
A marketing analyst for a shoe manufacturer is considering the development of a new brand of tennis shoes. The marketing analyst wants to determine which variables to use in predicting durability (i.e. the effect of long-term impact). Two independent variables under consideration are X1 (Foreimp),
For this problem, use the following multiple regression equation:Yˆi = 100 + 10X1i − 15X2ia. Interpret the meaning of the slopes.b. Interpret the meaning of the Y intercept.
For this problem, use the following multiple regression equation:Yˆi = 12 + 8X1i − 3X2ia. Interpret the meaning of the slopes.b. Interpret the meaning of the Y intercept.
Using the problem outlined in 12.76, produce the scatter diagram. Is there anything that can be interpreted from the diagram that is not evident from the analysis in 12.76?
A sanitation engineer would like to predict the number of‘portaloo’ lavatories required for outdoor entertainment events based upon the volume of food to be consumed at the eventa. Assuming a linear relationship, use the least-squares method to calculate the regression coefficients, b0 and
A entertainment promoter is trying to estimate the concert attendance of an upcoming touring DJ. She believes that the expected number of concert attendees will be related to the number of times the artist’s songs have been downloaded since their last tour.a. Assuming a linear relationship, use
The file < CEO_COMPENSATION > includes the total compensation (in millions of dollars) for CEOs of 170 large public companies and the investment return in 2012 (data obtained from ‘CEO pay rockets as economy, stocks recover’, USA Today, 27 March 2013, 1B).a. Calculate the correlation
Port Kembla Golf Club wishes to predict the number of golfers per weekend based upon weather conditions. The number of golfers and temperature is measured over a sample of weekends covering all seasons. < GOLF >a. Assuming a linear relationship, use the least-squares method to calculate the
A health scientist is looking at how obesity rates in different regions may be affected by the number of fast-food outlets.She collects data from 10 regions. < OBESITY >a. Assuming a linear relationship, use the least-squares method to calculate the regression coefficients, b0 and b1.b. Interpret
In problem 12.70 you used annual revenue to develop a model to predict the franchise value of 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 < SOCCER_ VALUES_2013 >.)Repeat
Can you use the annual revenues generated by National Basketball Association (NBA) franchises to predict franchise values? (Franchise values and revenues are stored in< NBA_VALUES >.)a. Assuming a linear relationship, use the least-squares method to calculate the regression coefficients b0 and
The Longhaul Transport Company wishes to predict the price of petrol based on international crude oil prices. They record average monthly petrol prices and crude oil prices over a 12-month period. < CRUDE >
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 >.a.
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 theatre on the weekend a movie opened, for seven movies.Movie Twitter activity Receipts
What is the difference between a confidence interval estimate of the mean response, μY|X = Xi, and a prediction interval of YX − Xi?
When is the unexplained variation (i.e., error sum of squares)equal to 0?
How do you evaluate the assumptions of regression analysis?
Explain the difference between interpolation and extrapolation.
Why should you always carry out a residual analysis as part of a regression model?
What is the difference between a t test and an F test for the population slope?
How is the ANOVA table used in regression analysis?
What is the relationship between the correlation coefficient and the coefficient of determination?
What is the interpretation of the Y intercept and the slope in the simple linear regression equation?
In problem 12.4. on page 465, you used energy generation to predict CO2 emissions. Re-estimate this model using energy as the dependent variable. Interpret the results.
In problem 12.9. on page 467, a concert promoter used ticket price to predict merchandise sales.a. Construct a 95% confidence interval estimate of the population mean merchandise sales for a ticket price of $80.b. Construct a 95% prediction interval of merchandise sales for a ticket price of $80.c.
In problem 12.8 on page 467, you predicted wine quality based on alcohol content.a. Construct a 95% confidence interval estimate of the mean value of all average shares based on a retail sales index of 40.b. Construct a 95% prediction interval of the value of an individual group of shares based on
In problem 12.6 on page 466, a professor wanted to estimate the spending of his students based upon their income.a. Construct a 95% confidence interval estimate of the mean spending for a weekly income of $150.b. Construct a 95% prediction interval for spending on a weekly income of $150.c. Explain
In problem 12.7 on page 466, a statistics professor used tutorial class size to predict average class marks.a. Construct a 95% confidence interval estimate of average class mark for a tutorial class of 20 students.b. Construct a 95% prediction interval of average class mark for a tutorial class of
In problem 12.4 on page 465, you used energy generation to predict CO2 emissions. < CO2 >a. Construct a 95% confidence interval estimate of CO2 emission for a country generating 1,000 terawatt hours of energy.b. Construct a 95% prediction interval of CO2 emission for a country generating 1,000
In problem 12.5 on page 466, you used plate gap to predict tear ratings of bags at Starbucks.a. Construct a 95% confidence interval estimate of the mean tear rating when the plate gap is 1.80.b. Construct a 95% prediction interval of tear rating when the plate gap is 1.80.c. Explain the difference
Under new workplace agreement structures brought in by the government, an owner of a small chain of clothing stores employing fewer than 100 employees is considering whether to keep on older staff. One element of the decision is an assessment of the staff claim that experienced staff sell more
AsiaRapid is a delivery service for packages and mail across the Asia-Pacific region. The manager would like to estimate the relationship between the distance of the delivery job and the time taken to deliver. This is to enable him to quote more accurate delivery times to customers. A set of sample
The volatility of a share is often measured by its beta value.You can estimate the beta value of a share by developing a simple linear regression model, using the percentage weekly change in the share as the dependent variable and the percentage weekly change in a market index as the independent
A question has arisen about the best location for police breathtesting units on public roads in Victoria. One argument is that testing should be done in high-risk locations such as the sites of major events and outside night entertainment areas. Another argument is that the number of people tested
The high cost of childcare is seen by policy makers as a major hurdle for young mothers to return to the workforce. To analyse this theory we collected the weekly price paid for childcare and hours worked per week by young mothers 12 months after the birth of their youngest child. < CHILDCARE >.a.
Movie companies need to predict the gross receipts of an individual movie once the movie has debuted. The following results, stored in < POTTER_MOVIES >, are the first weekend gross, the US gross and the worldwide gross (in millions of dollars) of the eight Harry Potter movies that debuted from
In problem 12.9 on page 467, a concert promoter used ticket price to predict merchandise sales. Using the results of that problem:a. At the 0.05 level of significance, is there evidence of a linear relationship between ticket price and merchandise sales?b. Construct a 95% confidence interval
In problem 12.8 on page 467, you used alcohol content to predict wine quality. Using the results of that problem:a. At the 0.05 level of significance, is there evidence of a linear relationship between alcohol content and wine quality?b. Construct a 95% confidence interval estimate of the
In problem 12.7 on page 466, a statistics professor used tutorial class size to predict average class marks. Using the results of that problem:a. At the 0.05 level of significance, is there evidence of a linear relationship between the tutorial class size and average class mark?b. Construct a 95%
In problem 12.6 on page 466, a professor wanted to estimate the spending of his students based upon their income. Using the results of that problem:a. At the 0.05 level of significance, is there evidence of a linear relationship between spending and income?b. Construct a 95% confidence interval
In problem 12.5 on page 466, you used plate gap to predict tear ratings for bags at Starbucks. Using the results of that problem:a. At the 0.05 level of significance, is there evidence of a linear relationship between plate gap and tear rating?b. Construct a 95% confidence interval estimate of the
In problem 12.4 on page 465, you used energy generation to predict CO2 emissions. < CO2 > From the results of that problem, b1 = 1442.216 and Sb1 = 60.209.a. At the 0.05 level of significance, is there evidence of a linear relationship between energy generation and CO2 emissions?b. Construct a 95%
You are testing the null hypothesis that there is no relationship between two variables, X and Y. From your sample of n = 21, you determine that SSR = 34 and SSE = 25.a. What is the value of the F test statistic?b. At the α = 0.05 level of significance, what is the critical value?c. Based on your
You are testing the null hypothesis that there is no relationship between two variables, X and Y. From your sample of n = 34, you determine that b1 = 3.4 and Sb1= 1.2.a. What is the value of the t test statistic?b. At the α = 0.05 level of significance, what are the critical values?c. Based on
The number of meat pies sold at an AFL Saturday football match at the MCG in Melbourne is expected to be determined by the size of the crowd attending the game.Data collected for 12 Saturday games during the football season are given below.a. Construct a scatter diagram with the independent
A social scientist wishes to analyse the relationship between crime rates (y) and the youth unemployment rate (x). He collects data on the number of break and enters per 1,000 people and youth unemployment rate measured quarterly over a four-year period. < CRIME >a. Assuming a linear relationship,
In problem 12.6 on page 466, a professor wanted to estimate the spending of his students based upon their weekly income.Instead of collecting these data from 19 different students at one point in time (cross-sectional data), he has now collected spending and income from one student at monthly
A mortgage brokerage company is trying to predict mortgage interest rates over the next few years. Its statistical analyst believes that the main influence on interest rates is inflation, and a time series of mortgage interest rates and inflation over the past 10 years is collected for analysis. <
In problem 12.6 on page 466, a professor wanted to estimate the spending of his students based upon their weekly income.a. Is it necessary to calculate the Durbin–Watson statistic?Explain.b. Under what circumstances is it necessary to calculate the Durbin–Watson statistic before proceeding with
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?b. Based on (a), what conclusion can you reach about the autocorrelation of the residuals?
In problem 12.9 on page 467, a concert promoter used the ticket price to predict merchandise sales. Perform a residual analysis for these data. Based on these results:a. Determine the adequacy of the fit of the model.b. Evaluate whether the assumptions of regression have been seriously violated.
In problem 12.8 on page 467, you used alcohol content to predict wine quality. Perform a residual analysis for these data. Based on these results:a. Determine the adequacy of the fit of the model.b. Evaluate whether the assumptions of regression have been seriously violated.
In problem 12.6 on page 466, a professor wanted to estimate the spending of his students based upon their income.Perform a residual analysis for these data. Based on these results:a. Determine the adequacy of the fit of the model.b. Evaluate whether the assumptions of regression have been seriously
In problem 12.7 on page 466, a statistics professor used tutorial class size to predict average class marks. Perform a residual analysis for these data. Based on these results:a. Determine the adequacy of the fit of the model.b. Evaluate whether the assumptions of regression have been seriously
In problem 12.4 on page 465, you used energy generation to predict CO2 emissions. < CO2 > Perform a residual analysis for these data. Based on the results:a. Determine the adequacy of the fit of the model.b. Evaluate whether the assumptions of regression have been seriously violated.
In problem 12.5 on page 466, you used plate gap to predict tear ratings for Starbucks bags. Perform a residual analysis for these data. Based on these results:a. Determine the adequacy of the fit of the model.b. Evaluate whether the assumptions of regression have been seriously violated.
The following computer output contains the X values, residuals and a residual plot from a regression analysis. Is there any evidence of a pattern in the residuals? Explain.
In problem 12.9 on page 467, a concert promoter used the ticket price to predict merchandise sales. Using the results of that problem:a. Determine the coefficient of determination, r 2, and interpret its meaning.b. Find the standard error.c. How useful do you think this regression model is for
In problem 12.8 on page 467, you used alcohol content to predict wine quality. Using the results of that problem:a. Determine the coefficient of determination, r 2, and interpret its meaning.b. Determine the standard error.c. How useful do you think this regression model is for predicting wine
In problem 12.7 on page 466, a statistics professor used tutorial class size to predict average class marks. Using the results of that problem:a. Determine the coefficient of determination, r 2, and interpret its meaning.b. Find the standard error.c. How useful do you think this regression model is
In problem 12.6 on page 466, a professor wanted to estimate the spending of his students based upon their income. Using the results of that problem:a. Determine the coefficient of determination, r 2, and interpret its meaning.b. Determine the standard error.c. How useful do you think this
In problem 12.5 on page 466, you used the plate gap to predict the mean tear rating for Starbucks bags. For that data, SSR = 10.98 and SST = 28.81. Using the results of that problem:a. Determine the coefficient of determination, r 2, and interpret its meaning.b. Determine the standard error.c. How
In problem 12.4 on page 465, you used energy generation to predict CO2 emissions. < CO2 > Using the results of that problem:a. Determine the coefficient of determination, r 2, and interpret its meaning.b. Determine the standard error.c. How useful do you think this regression model is for CO2
If SSR = 105, why is it impossible for SST to equal 100?
If SSE = 28 and SSR = 67, calculate the coefficient of determination, r 2, and interpret its meaning.
If SSR = 25 and SSE = 24, calculate the coefficient of determination, r 2, and interpret its meaning.
What does it mean if the coefficient of determination, r 2, is equal to 0.75?
A concert promoter is interested in the relationship between ticket price and merchandise sales. She obtains data from the previous year. < CONCERT >a. Construct a scatter diagram.b. Assuming a linear relationship, use the least-squares method to find the regression coefficients, b0 and b1.c.
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 (data obtained from P. Cortez, A. Cerdeira, F. Almeida, T. Matos and J. Reis,
A statistics professor is investigating the relationship between tutorial class size and academic performance for a first-year business statistics course. She collects data on the tutorial class size (number of students) and average class mark (/100) for a sample of 15 classes. < CLASS_SIZE >a.
A consumer’s spending is widely believed to be a function of their income. A university professor tries to estimate this relationship by measuring his students’ spending and income patterns in week 6 of the semestera. Construct a scatter diagram.b. Assuming a linear relationship, use the
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
An increasingly important topic in the context of climate change and global warming is the link between countries’ energy generation and CO2 emissions. The following table lists energy generation (terawatt hours) and CO2 emissions (000s metric tonnes) for 11 countries. < CO2 >a. Which variable
Fitting a straight line to a data set yields the following prediction line:Ŷi = 24 − 2.5Xia. Interpret the meaning of the Y intercept, b0.b. Interpret the meaning of the slope, b1.c. Predict the mean value of Y for X = 10.
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