User Account

All Pages

Determine and interpret the linear correlation coefficient

Assignment Help Microeconomics
Reference no: EM131973655

Competency Assignment

Determine and interpret the linear correlation coefficient, and use linear regression to find a best fit line for a scatter plot of the data and make predictions.

Scenario

According to the U.S. Geological Survey (USGS), the probability of a magnitude 6.7 or greater earthquake in the Greater Bay Area is 63%, about 2 out of 3, in the next 30 years. In April 2008, scientists and engineers released a new earthquake forecast for the State of California called the Uniform California Earthquake Rupture Forecast (UCERF).

As a junior analyst at the USGS, you are tasked to determine whether there is sufficient evidence to support the claim of a linear correlation between the magnitudes and depths from the earthquakes. Your deliverables will be a PowerPoint presentation you will create summarizing your findings and an excel document to show your work.

Concepts Being Studied

• Correlation and regression
• Creating scatterplots
• Constructing and interpreting a Hypothesis Test for Correlation using r as the test statistic

You are given a spreadsheet that contains the following information:

• Magnitude measured on the Richter scale
• Depth in km

Using the spreadsheet, you will answer the problems below in a PowerPoint presentation.

What to Submit

The PowerPoint presentation should answer and explain the following questions based on the spreadsheet provided above.

• Slide 1: Title slide

• Slide 2: Introduce your scenario and data set including the variables provided.

• Slide 3: Construct a scatterplot of the two variables provided in the spreadsheet. Include a description of what you see in the scatterplot.

• Slide 4: Find the value of the linear correlation coefficient r and the critical value of r using α = 0.05. Include an explanation on how you found those values.

• Slide 5: Determine whether there is sufficient evidence to support the claim of a linear correlation between the magnitudes and the depths from the earthquakes. Explain.

• Slide 6: Find the regression equation. Let the predictor (x) variable be the magnitude. Identify the slope and the y-intercept within your regression equation.

• Slide 7: Is the equation a good model? Explain. What would be the best predicted depth of an earthquake with a magnitude of 2.0? Include the correct units.

• Slide 8: Conclude by recapping your ideas by summarizing the information presented in context of the scenario.

Along with your PowerPoint presentation, you should include your Excel document which shows all calculations.

Attachment:- Data-Spreadsheet.rar

Reference no: EM131973655

Questions Cloud

Multimillion-dollar salaries : Some people argue that it is wrong for CEOs to earn multimillion-dollar salaries while some of their employees are earning the minimum wage or being laid off
Perform regression analyses to regress Price against Mileage : Using Excel, perform three regression analyses to regress Price against Mileage, then against Age, then against both of them simultaneously
Company approach to global expansion : 1. You are probably a Facebook "friend." What is your opinion about how it is used in your country?
Compiled marketing plan for your fictional start-up company : During this course, you have compiled a marketing plan for your fictional start-up company. Share with your fellow classmates the most important part.
Determine and interpret the linear correlation coefficient : Determine and interpret the linear correlation coefficient, and use linear regression to find a best fit line for a scatter plot of data and make predictions.
Grievance procedure for the redressal of grievances : Define the term 'Grievance'. Also explain the Model Grievance Procedure for the redressal of grievances.
What are the main effects-problems with a currency conflict : What are the main effects/problems with a currency conflict? How or when can country be identified as a currency manipulator?
What are some benefits of ethical behavior : a. What are some benefits of ethical behavior?
Why is the strategic time frame shorter : It seems that strategic plans seem to address a time frame of about 5-7 years. Why is the strategic time frame shorter now as oppose to a period of about.

Reviews

Write a Review

Microeconomics Questions & Answers

  Calculate long-run effect of financial crisis on industry

Explain what conditions must be satisfied in ord. for this market to be perfectly competitive and calculate the equilibrium output, prix and the number of old and young firms if the market W. the long-run equilibrium.

  Monopolistic competition and oligopoly

What does price, average revenue and marginal revenue have in common and Firms can operate in one or more markets and not always on the same side of the market. General Motors is a buyer in the resource market and a seller in the automotive market.

  What do you mean by producer surplus and how is it measured

what is producer surplus and how is it measured? what is the relationship between the cost to sellers and the supply

  Discuss the country a job and transportation

Describe what kind of statement this is and whether it is efficient and feasible in the long run to do based up your knowledge of private property rights.

  Which of the three options should you choose

Which of the three options should you choose? Explain your choice and support it with numerical analysis. Find economic equivalence of the following cash flow.

  Explain absolute macroeconomic equilibrium

Explain and illustrate what is expected to happen to an economy in "absolute macroeconomic equilibrium when, ceteris paribus, there is an established concerted policy to bring down loanable interests rates. Use both, the Aggregate Expenditure grap..

  What is lowest price company using in the calculation

A farm equipment manufacturer has already spent $3 million in research and development to design a new model of tractor.

  What happens to the quantity demanded during surge pricing

Who will be willing to pay the higher price, all else constant? What happens to the quantity of drivers available during surge pricing, all else constant? What happens to the quantity demanded during surge pricing all else constant?

  Dd monetary policy contribute to economic crisis of 2008

did monetary policy contribute to the economic crisis of 2008? why or why not? how did monetary policy makers respond

  Find sensitivity of annual profit changes in occupancny rate

A group of private investors borrowed $30 million to build 300 new luxury apartments near a large university. The money was borrowed at 6% annual interest.

  What is the level of private saving and consumption

What is the level of aggregate production in this economy? Show your work. What is the equilibrium interest rate and equilibrium level of investment for this economy? Show your work. What is the level of private saving, Sp, and consumption, C, in thi..

  How would you be able to measure that variable

What do you think is a better variable to measure worker productivity during work? How would you be able to measure that variable?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd