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A real estate company in downtown Miami would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of 25 apartments in a particular residential neighborhood was chosen.
Construct a scatter plot of rent/size.
Find the equation of the least squares regression line that models the relationship between square footage and rental amount and interpret the meaning of the coefficients.
Predict the monthly rent for an apartment with 1000 square feet.
Explain why it would not be appropriate to use the model to predict the monthly rent for apartments that have 500 square feet.
You are considering signing a lease for an apartment in this residential neighborhood. You are deciding between two apartments, one with 1,000 square feet that rents for $1,275 and the other with 1,200 square fee that rents for $1,425. Which is a better deal? Explain.
Define correlation. Then give an example of a misleading correlation and an example of a meaningful correlation. With this describe the relationship between correlation and causation.
Evaluate your histograms for any outliers in your data. Based on your evaluation of outliers, you may trim no more than 1% of the data contained in the data set. This must be done symmetrically (i.e., trimming no more than 0.5% off the top and 0.5..
The American Bankers Association collects data on the use of credit cards, debit cards, personal checks, and cash when consumers pay for in-store purchases (The Wall Street Journal, December 16, 2003). In 1999, the following usages were reported.
Consider the following data for two independent random samples taken from two normal populations. What is the 90% confidence interval estimate of the difference between the two population means?
Compute the suitable Test Statistic to test hypothesis that the proportion of condominiums that sold within 30 days decreased from 2006 to 2007.
Do the data provide significant support for any preferences among the three brands? Test At the .05 level of significance.
The consultant is given a sample of 225 batteries to test. A. Calculate the standard error of the mean.
Why do so many of life's events share the same characteristics as the central limit theorem? Why are estimations and confidence intervals important? When might systematic sampling be biased?
Tom Smith wants to test the hypothesis that adult men have a mean weight that is greater than 150 pounds. Tom surveys the adult male members of his family and obtains 40 sample values
A marketing survey is taken among fast food customers to determine their preference for hot dogs or pizza. Of the 200 respondents selected,
Random sample of 64 lightbulbs indicates a sample mean life of 350 hours. At a 5% level of significance, is the mean life more than 375. Which of the following is your two hypotheses?
A study investigated the perception of corporate ethical values among individuals specializing in marketing. Using a=.05 and the following data (higher scores indicates higher ethical values) test for significant differences in perception among th..
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