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Agency revenues. An economic consultant was retained by a large employment agency in a metropolitan area to develop a regression model for predicting monthly agency revenues ( y ). She decided that three economic indicators for the area were potentially useful as independent variables, namely, average weekly overtime hours of production workers in manufacturing ( 1 x ), number of job vacancies in manufacturing ( 2 x ), and index of help wanted advertising in newspapers ( 3 x ). Monthly observations on agency revenues and the three independent variables were obtained for the past 25 months. The ANOVA table for the model is as follows:
The consultant decided to screen the independent variables to determine the best set for predicting agency revenues. The regression sums of squares for all possible regression models were found to be as follows:
(a) Determine the subset of variables that is selected as best by the forward selection procedure using F0* = 4.2 (to-add-variable). Show your steps. (b) Determine the subset of variables that is selected as best by the backward elimination procedure using F0** = 4.1 (to-delete-variable). Show your steps.
NOTE: ( t0** ) 2 = F0** (c) Determine the subset of variables that is selected as best by the stepwise regression procedure using F0* = 4.2 (to-add) and F0** = 4.1 (to-delete). Show your steps.
implications of multicollinearity
Other Measures of Dispersion In this section, we look at relatively less used measures of dispersion like fractiles, deciles, percentiles, quartiles, interquartile range and f
a. How can break-even analysis be used in selecting a new plant site? b. What are potential advantages and disadvantage of locating a production facility in foreign country i
10. If a set of scores has a sample mean of 25 and a sample variance of 4, find the following: a. the z-score for a raw score of 31 b. the z-score for a raw score of 18 c. the raw
Deviation Measures The drawback of the range as a measure of dispersion is that it takes into account the values of only two data points - the largest and the smallest. One
Suppose the money supply process is now represented by the following function: where m measures the sensitivity of money supply with respect to the interest rate. (i) Us
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PROPERTIES 1. The value of standard deviation remains the same if, in a series each of the observation is increased or decreased by a constant quantity. In statistical lan
Year Production 2006 8 2007 6 2008 10 2009 12 2010 11 2011 15 2012 14 2013 16 Determine the trend from data given above?
mark number of student 0-10 4 10-20 8 20-30 11 30-40 15 40-50 12 50-60 6 calculate frequency distribution
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