Reference no: EM13857483
1. Identify the explanatory (x) and response variable (y) based on the study object.
2. Using Statcrunch, create a scatterplot for the variables Miles and Price. It's important to specify X and Y correctly in regression analysis. Print this graph.
After specifying x and y, then do the followings:
• Click on Graph
• Choose scatterplot
• Choose X and Y variable names from the list of Columns
• Click Compute.
3. Describe the relationship between the two variables on the scatterplot. Make sure to comment on form, direction, strength and possible outliers.
4. Using Statcrunch, find the correlation between Miles and Price.
To find a correlation:
• Click Stat
• Choose Summary Stats → Correlation
• Choose two variable names from the list of Columns (You may need to hold down the ctrl or command key to choose the second one.)
• Click on Compute
5. Is it appropriate to calculate the correlation? Explain.
Perform a complete regression analysis following the instructions below.
To do regression analysis:
• Click on Stat
• Choose Regression → Simple Linear
• Choose X and Y variable names from the list of Columns
• Choose Fitted line plot and Residuals vs. x-values from the list of Graphs (You may need to hold down the ctrl or command key to choose the second one.)
• Click Compute.
• Click on next to see the scatterplot and Residual plot.
6. Using Statcrunch output, write the linear regression equation for predicting Price from Miles.
7. Interpret the slope within the context of this problem. (note: pay attention to measurement units)
8. Does the intercept have a meaningful interpretation here? If yes, provide an interpretation within the context of the problem. If not, briefly explain why.
9. What percent of the variability in Price is accounted for by this linear model?
10. What is the predicted sale price for a Mercedes that has been driven for 19,500 miles? Would this be a valid prediction? Explain your answer.
11. Would it be accurate to use this least-squares regression equation to predict the sale price of another luxury car? Explain your answer.
12. What does the residual plot tell us about the fit? Do you think a linear model is appropriate?
Do not forget to print and turn in the residual plot.
13. Write a brief report about the price and Miles of used Mercedes. Be sure to talk about the variables by name and in the correct units.
|
Compute the prduct margins for the xactive
: Usin Exhibit 6-10 as a guide, compute the prduct margins for the Xactive and the pathbreaker products under the activity based costing system.
|
|
Your firm uses the part to assemble red widgets
: Suppose your firm purchases a $4 per unit part from a supplier. Your firm uses the part to assemble red widgets. On average, you use 50,000 units of this part each year. How many parts should you purchase each time you place an order (i.e., what is t..
|
|
Relationship between employee recruitment and development
: What is a needs assessment, and how might Google use this tool to increase the presence of women in its workforce and explain how Google's particular situation demon-strates the relationship between employee recruitment and employee development, giv..
|
|
Central argument or thesis on simply a list of facts
: central argument or thesis simply a list of facts
|
|
Create a scatterplot for the variables miles and price
: Using Statcrunch, create a scatterplot for the variables Miles and Price. It's important to specify X and Y correctly in regression analysis. Print this graph.
|
|
Determine total idle time and utilization rate of the nurse
: In an outpatient clinic there are only one nurse and one doctor, and they visit patients by appointment. Yesterday, there were 5 patients scheduled to arrive, one every hour from 8am to noon. Is the tool worth its cost? determine (i) total busy time,..
|
|
Mean and standard deviation for the total bicycle
: What are the mean and standard deviation for the total bicycle setup time? A customer decides to buy a bike like one of the display models but wants a different color. The shop has one, still in the box. The manager says that they can have it read..
|
|
Globalization contributing to creation single global culture
: Is Globalization contributing to the creation of a single global culture? Is this a good or a bad thing? What would a global culture look like? What ideas have spread around the world? How are the various facets of globalization related? How globali..
|