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Regression Since regression is such a widely used statistical method lets revisit the topic now that we have statistical inference tools. We will use confidence intervals and hypothesis tests to determine if the relationship between two quantitative variables has occurred by chance alone. Any ideas on how she might do this? She hopes predicting volume of wood from tree diameter for individual trees will help determine total volume for the piece of forest land. She investigates, "Can the volume of wood for a tree be predicted by its diameter?" First she randomly samples 31 trees and measures the diameter of each tree and then its volume. Is the relationship linear? Now we compute the slope and the intercept for least squares regression line. What would happen if the forest service agent took another sample of 31 trees? Would the slope change? Would the intercept change? What about a third sample of 31 trees?
Scores ranged from 0 to 40 with higher scores reflecting greater computer anxiety. This variable was measured on the interval scale. The researcher analyzed the data using what t test?
The sample resulted in a mean trading volume of > = 39.48. Assuming a population standard deviation of 15.07, compute the margin of error for a 95% confidence interval for mu.
For a random sample of 12 days at the Downtown location, the mean number sold was 78.80 and the standard deviation was 14.25. At the .05 significance level, is there a difference in the mean number of hamburgers sold at the two locations?
Why is statistical significance not necessarily of practical important difference to a business decision? Provide an example and explain.
A recent census of a small town in Michigan showed that 60% of the residents are male, 20% have college degrees, and 15% are both male and college graduates.
Given that 30% of US adults are smokers, find the average of the random variable X= # of smokers in a random sample of 50 residents of the USA, also find the variance and standard deviation of X.
In order to monitor the ecological health of the Florida Everglades, various measurements are recorded at different times. The bottom temperatures are recorded at the Garfield Bight station
Draw the normal curve model for auto fuel economy, following the 68-95-99.7 rule. Clearly label the X-axis with the mpg for the appropriate points.
Suppose a bookie will give you $6 for every $1 you risk if you pick the winner in 3 ballgames. For every $1 bet, you either lose $1 or gain $6. What is the bookie's expected earnings per dollar wagered?
The profit from selling food at an outdoor cafe depends on the number of hours of sunshine through the formula, Profit = 1000(1-(e -x /10)). Find the expected level of profit.
Is the sample size large enough to construct a valid confidence interval for the proportion of debit cardholders who have used their card in making purchases over the Internet?
The MacBurger restaurant chain claims that the waiting time of customers for service is normally distributed,
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