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You are working with a company selling building material to builders. You predict the quarterly purchases of customers based on their current purchases by using a linear regression model. These predictions, however, are not very accurate. Discuss at least three reasons why these predictions may not be accurate and offer three ways in which you can increase the likelihood of accurately predicting your customers' purchases.
What if the assumption E[u/x]=0 is not satisfied? Illustrate using an example. Explain the relationship represented by a population regression function.
Internal study by Technology Services department at Lahey Electronics disclosed company employees get the average of 2 emails per hour. Suppose arrival of these emails is approximated by Poisson distribution.
Let X bar be the average of n such independent measurements. Use Chebychev's inequality to estimate how large n should be such that P(|X bar - M |
Determine the variance of X? (Illustrate your computation either in Table or in Equation form)
a. Formulate the null and alternative hypotheses. b. Which statistical test would you use? Why?
If the coefficient of correlation is 0.4, the percentage of variation in the dependent variable explained by the variation in the independent variable
Use the following data to write the normal equations of the linear regression between Y and X, and find the least squares regression.
According to the Insurance Institute of America, a family of four spends between $400 and $3800 per year on all types of insurance. Suppose the money spent is uniformly distributed between these amounts.
Find the probability that the number of who consider themselves basketball fans is :
Describe the factors that might cause variation in weight of Tootsie Rolls during manufacture.
If the variability of the filling machine is reduced to 0.025 ounce, verify that this will lower the required average amount of coffee to 4.050 ounces and yet keep 98 percent of the jars above 4 ounces.
Assume the population standard deviations are not the same. At the .05 significance level, is there a difference in the mean waiting time?
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