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A random sample of 19 companies from the Forbes 500 list was selected, and the relationship between sales (in hundreds of thousands of dollars) and profits (in hundreds of thousands of dollars) was investigated by regression. The following simple linear regression model was used
Profitsi = α + β ×Salesi + εi
where the deviations εi were assumed to be independent and Normally distributed, with mean 0 and standard deviation σ. This model was fit to the data using the method of least squares. The following results were obtained from statistical software.
r2 = 0.662s = 466.2
Suppose we wish to predict the profits (in hundreds of thousands of dollars) for companies that had sales (in hundreds of thousands of dollars) of 500. We use statistical software to do the prediction and obtain the following output.
A 95% confidence interval for the average profit of companies with 500 units of sales is?
A researcher predicts that watching a film on institutionalization will change students' attitudes about chronically mentally ill patients.
If two people are randomly selected, what is the probability both are hopelessly romantic? What is the probability at least one is hopelessly romantic.
A company is interested in knowing which are the potential sales next year if you use $ 20,000 in advertising expenses. The company uses the information from previous years to make its sales forecast.
The owner of a local golf course wanted to determine the average age of the golfers that played on the course. In a random sample of 30 golfers that visited his course, the sample mean was 48.34 and the standard deviation was 9.327. Calculate a 90..
Among 134 randomly selected students, 9.3% refused to respond on a survey on cheating while among 154 male college students, 14.6% refused to respond to the same survey. Determine test statistic, critical values, p-value, and conclusion.
The Niko electronics company just manufactured 5000 CDs, and 3% are defective. If 10 of these CDs are randomly selectedd for testing, what is the proability tha the entire batch is will be rejected.
In a shipment of 59 vials, only 18 does not have hairline cracks. 6 vials are randomly selected from the shipment. Find the probability that at least one of the 6 selected vials has a hairline crack.
The American Bar Association conducted a survey in 1986 showed that the average income of lawyers in 1986 was $ 120,000. An investigator took a sample of 64 lawyers in 1990, produced a median income of $ 140,000 with a standard deviation of $ 24.5..
This semester a sample of 45 students revealed an average cost of books of $395 per student. The Dean of Students believes that the costs are greater this semester. What is the test value for this hypothesis.
At α = .05, is there a difference in variances? Illustrate all steps clearly, including the illustration of the decision rule.
An insurance company has determined that each week an average of nine claims are filed in their Atlanta branch. What is the probability that during the next week
Write introduction to STATISTICAL PROCESS CONTROL and Explain the use of SPC tools used at D2D
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