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Johnson Filtration, Inc. provides maintenance service for water-filtration systems. Data that follow show the repair time in hours, the months since last service, the repair type and the repair person for a sample of 10 maintenance service calls.
Ignore the months since last service and the repairperson data. Let type of repair be a dummy variable with 0 indicating a mechanical repair and 1 indicating an electrical repair. Develop the estimated simple linear regression equation that can be used to predict the repair time based on the type of repair (to 3 decimals).Time = (3.45) + (.617) Type
Is type of repair a good predictor of the repair time?
Ignore the months since last service and the type of repair data. Let repairperson be a dummy variable with 0 indicating Bob Jones and 1 indicating Dave Newton. Develop the estimated simple linear regression equation that can be used to predict the repair time based on the repairperson (to 2 decimals).Time = 4.62 + (Answer) Person
Compare your results from parts (a) and (c). What can you conclude?
Repairperson is a better predictor
Who is the faster repairperson?
The own price elasticity of demand for Kodak film was -2.0 and the market elasticity of demand was -1.75. Suppose that in the 1990s, the average retail price of a roll of Kodak film was $6.95 and that Kodak's marginal cost was $3.475 per roll.
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Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
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