Expected replacement for a customer

Assignment Help Basic Statistics

Reference no: EM13244835

A car dealer is using the number of years customers have owned their vehicles to predict how long it will be before they elect to replace them. The correlation between the two is rxy = -.723 (the longer they have owned their present vehicles, the more quickly they are expected to replace them). The other relevant data are as follows for 32 customers:

1428_How data might impact business decision-making.png

Based on the information above, answer the following questions:

How long is the time to expected replacement for a customer who has owned a vehicle 6.5 years?
Calculate .95 and .99 confidence intervals and explain your results.
How will a larger standard deviation in the criterion variable affect the width of the confidence intervals? Why?
Guided Response: Review several of your classmates' postings. Respond to at least two classmates by commenting on whether or not you think there is a larger difference for the standard deviation. Explain how this data might impact business decision-making.

Reference no: EM13244835

Questions Cloud

What is the truck''s speed in m/s : Two loudspeakers emit 400Hz notes. One speaker sits on the ground. The other speaker is in the back of a pickup truck, What is the truck's speed in m/s

Prepare a correct trial balance : Prepare a correct trial balance?

State what is the structure of the so-called garner aldehyde : What is the structure of the so-called Garner Aldehyde? Why is this compound a popular building block in the synthesis of more complex structures

What is the magnitude of the net torque : Two children hang by their hands from the same tree branch. The branch is straight, and grows out from the tree trunk at an angle of 25.7° above the horizontal, What is the magnitude of the net torque exerted on the branch by the children

Expected replacement for a customer : How long is the time to expected replacement for a customer who has owned a vehicle 6.5 years and calculate .95 and .99 confidence intervals and explain your results.

Stay current on osha standards or the green movement : Find an article of your choice that discusses what you can do to stay current on OSHA standards or the Green movement.

Compare and contrast the types of communism : Compare and contrast the types of communism held by Lenin and Mao Zedong, and compare and contrast the Bolshevik Revolution with that of the Chinese Communist Revolution?

Compute the value of k at 25 degrees celcius : Use the appropriate standard reduction potentials to calculate the value of k at 25 degrees celcius for this reaction NiO(s)+2Cl-(aq)+4H+(aq)->Cl2(g)+Ni^+2(aq)+2H2O(l)

What should be the length of the wire : In order to fabricate a uniform wire of resistance 2.7 ?, out of m=1 g copper which has a density of 8.92×103 kg/m3, What should be the length of the wire

User Account

All Pages