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Because the coefficient of determination R2 always increases when a new independent variable is added to the model, it is tempting to include many variables in a model to force R2 to be near 1. However, doing so reduces the degrees of freedom available for estimating σ2, which adversely affects our ability to make reliable inferences. Suppose you want to use 18 economic indicators to predict next year's Gross Domestic Product (GDP). You fit the model
where y = GDP and x1, x2, . . ., X18 are the economic indicators. Only 20 years of data (n = 20) are used to fit the model, and you obtain R2 = .95. Test to see whether this impressive-looking R2 is large enough for you to infer that the model is useful, that is, that at least one term in the model is important for predicting GDP. Use α = .05.
The McBurger restaurant chain claims that the waiting time of customers for service is normally distributed with a mean of 3 minutes and a standard deviation of 1 minute.
Discuss how graphical representations can be used to display data in a meaningful way. Choose a specific business application and describe an example of a specific graph or chart that can be used to interpret data and why it is so useful.
one measure of the risk or volatility of an individual stock is the standard deviation of the total return capital
significance testing. t-tests1. in the course of the thesis work a student develops a new approach for the solution of
Why is it important to study ethics in statistics? Have you seen statistics misused? Without naming specific companies or people, can you provide examples?
Consider the following age data, which is the result of selecting a random sample of 20 United Airlines pilots.
at a large department store the average number of years of employment for a cashier is 5.7 with a standard deviation
a pew internet and american life project 2007 report stated that 74 of teenage boys posted their photo on their online
Inverse probability based on normal distribution - The data set has a bell-shaped distribution. Between what two prices do 68% of the houses lie?
to construct a normal distribution the measurements needed area. the mean and the medianb. the mode and the standard
Using continuity Correction. There are many situations in which a normal distribution can be used as a good approximation to a random variable that has only discrete values. In such cases, we can use this continuity correction.
Fast ‘n Clean operates 12 laundromats on the east side of the city. All of Fast ‘n Clean's clothes dryers have a label stating "20 minutes for $1.00." Conduct the same two-tail hypothesis test, but this time use the confidence interval app..
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