Reference no: EM131550183
Question: 1) You are trying to determine the statistical significance of an equation. Given the following information, test the slope of the equation at the 90% level of confidence. Select the correct answer out of each pair of choices.
- Cost = - 76.25 + 114.82 (Range) n=10 Sb1 = 17.669
- The tp is 1.860
- The tp is 2.365
- The tc is 4.315
- The tc is 6.498
- We would reject the null hypothesis
- We would fail to reject the null hypothesis
- We would consider using the equation
- We would not use the equation
2) Given a one independent variable linear equation that states cost in $K, and given the following information, calculate the standard error and determine its meaning.
[Image Description: n =10, Summation of (Y- Yhat)2 = 10591, Ybar=314.375]
- If we used this equation, we could typically expect to be off by ± $42.01K.
- If we used this equation, we could typically expect to be off by ± $36.39K.
- If we used this equation, we could typically expect to be off by ± 42.01%.
- If we used this equation, we could typically expect to be off by ± 36.39%.
3) You have calculated the following power model and associated unit space values:
[Image Description: n =9, Summation of (Y- Yhat)2 = 3298]
- Power equation because it has a lower standard error than the linear model.
- Linear equation because it has a lower standard error than the power model.
- Power equation because it has a higher standard error than the linear model.
- Linear equation because it has a higher standard error than the power model.