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Jazmine Mincy

Jazmine M.

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The North Valley Real Estate data report information on homes on the market. a. Let selling price be the dependent variable and size of the home the independent variable. Determine the regression equation. Estimate the selling price for a home with an area of 2,200 square feet. Determine the $95 \%$ confidence interval for all 2,200 -square-foot homes and the $95 \%$ prediction interval for the selling price of a home with 2,200 square feet. b. Let days-on-the-market be the dependent variable and price be the independent variable. Determine the regression equation. Estimate the days-on-the-market of a home that is priced at $\$ 300,000 .$ Determine the $95 \%$ confidence interval of days-onthe-market for homes with a mean price of $\$ 300,000$ and the $95 \%$ prediction interval of days-on-the-market for a home priced at $\$ 300,000$. c. Can you conclude that the independent variables “days on the market" and "selling price" are positively correlated? Are the size of the home and the selling price positively correlated? Use the .05 significance level. Report the $p$ -value of the test. Summarize your results in a brief report.

The North Valley Real Estate data report information on homes on the market. a. Let selling price be the dependent variable and size of the home the independent variable. Determine the regression equation. Estimate the selling price for a home with an area of 2,200 square feet. Determine the $95 \%$ confidence interval for all 2,200 -square-foot homes and the $95 \%$ prediction interval for the selling price of a home with 2,200 square feet. b. Let days-on-the-market be the dependent variable and price be the independent variable. Determine the regression equation. Estimate the days-on-the-market of a home that is priced at $\$ 300,000 .$ Determine the $95 \%$ confidence interval of days-onthe-market for homes with a mean price of $\$ 300,000$ and the $95 \%$ prediction interval of days-on-the-market for a home priced at $\$ 300,000$. c. Can you conclude that the independent variables “days on the market" and "selling price" are positively correlated? Are the size of the home and the selling price positively correlated? Use the .05 significance level. Report the $p$ -value of the test. Summarize your results in a brief report.

Basic Statistics for Business & Economics

A consumer buying cooperative tested the effective heating area of 20 different electric space heaters with different wattages. Here are the results. $$ \begin{array}{|crr|rrr|} \hline \text { Heater } & \text { Wattage } & \text { Area } & \text { Heater } & \text { Wattage } & \text { Area } \\ \hline 1 & 1,500 & 205 & 11 & 1,250 & 116 \\ 2 & 750 & 70 & 12 & 500 & 72 \\ 3 & 1,500 & 199 & 13 & 500 & 82 \\ 4 & 1,250 & 151 & 14 & 1,500 & 206 \\ 5 & 1,250 & 181 & 15 & 2,000 & 245 \\ 6 & 1,250 & 217 & 16 & 1,500 & 219 \\ 7 & 1,000 & 94 & 17 & 750 & 63 \\ 8 & 2,000 & 298 & 18 & 1,500 & 200 \\ 9 & 1,000 & 135 & 19 & 1,250 & 151 \\ 10 & 1,500 & 211 & 20 & 500 & 44 \\ \hline \end{array} $$ a. Compute the correlation between the wattage and heating area. Is there a direct or an indirect relationship? b. Conduct a test of hypothesis to determine if it is reasonable that the coefficient is greater than zero. Use the .05 significance level. c. Develop the regression equation for effective heating based on wattage. d. Which heater looks like the "best buy" based on the size of the residual?

A consumer buying cooperative tested the effective heating area of 20 different electric space heaters with different wattages. Here are the results. $$ \begin{array}{|crr|rrr|} \hline \text { Heater } & \text { Wattage } & \text { Area } & \text { Heater } & \text { Wattage } & \text { Area } \\ \hline 1 & 1,500 & 205 & 11 & 1,250 & 116 \\ 2 & 750 & 70 & 12 & 500 & 72 \\ 3 & 1,500 & 199 & 13 & 500 & 82 \\ 4 & 1,250 & 151 & 14 & 1,500 & 206 \\ 5 & 1,250 & 181 & 15 & 2,000 & 245 \\ 6 & 1,250 & 217 & 16 & 1,500 & 219 \\ 7 & 1,000 & 94 & 17 & 750 & 63 \\ 8 & 2,000 & 298 & 18 & 1,500 & 200 \\ 9 & 1,000 & 135 & 19 & 1,250 & 151 \\ 10 & 1,500 & 211 & 20 & 500 & 44 \\ \hline \end{array} $$ a. Compute the correlation between the wattage and heating area. Is there a direct or an indirect relationship? b. Conduct a test of hypothesis to determine if it is reasonable that the coefficient is greater than zero. Use the .05 significance level. c. Develop the regression equation for effective heating based on wattage. d. Which heater looks like the "best buy" based on the size of the residual?

Basic Statistics for Business & Economics

Waterbury Insurance Company wants to study the relationship between the amount of fire damage and the distance between the burning house and the nearest fire station. This information will be used in setting rates for insurance coverage. For a sample of 30 claims for the last year, the director of the actuarial department determined the distance

Statistical Techniques in Business and Economics

Waterbury Insurance Company wants to study the relationship between the amount of fire damage and the distance between the burning house and the nearest fire station. This information will be used in setting rates for insurance coverage. For a sample of 30 claims for the last year, the director of the actuarial department determined the distance from the fire station (X) and the amount of fire damage, in thousands of dollars (Y). The MegaStat output is reported below. (You can find the actual data in the data set on the CD as prb13-60.)

Statistical Techniques in Business and Economics

Questions asked

INSTANT ANSWER

The following data were collected for a two-factor ANOVA with two treatments and three blocks. Treatment Block 1 2 A 40 38 B 33 23 C 49 39 Using the 0.05 significance level conduct a test of hypothesis to determine whether the block or the treatment means differ. a. State the decision rule for treatments. b. state the decision rule for blocks. c. compute SST, SSB, SS total, and SSE and complete an ANOVA table. (Round your SS, MS values to 3 decimal places, F value to 2 decimal places, and p-values to 4 decimal places.)

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ANSWERED

Lucas Finney verified

Numerade educator

What is the critical F-value_0.01 & F-value_0.05 when the sample size for the numerator is nine and the sample size for the denominator is six? Use a two-tailed test and the 0.10 significance level. (Round your answer to 2 decimal places.)

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INSTANT ANSWER

At the .05 significance level, can you conclude that there is a difference in the mean Price (market price in dollars) of homes with an attached garage and homes without an attached garage?

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INSTANT ANSWER

(a) At the .05 significance level, can you conclude that there is a difference in the mean selling Price (market price in dollars) of homes with a pool and homes without a pool? population

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ANSWERED

Nick Johnson verified

Numerade educator

You own a Pepsi bottling plant, and you are concerned about filling the bottles to the correct level. Should you conduct a one-tailed or two-tailed hypothesis test? Write out hypothesis both in English version and mathematically, i.e. Ho and and Ha. Then explain your inference.

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