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Describe different methods of establishing correlation between variables and provide an example of each.
Discuss the advantages and disadvantages of each method and where each must be applied.
Consider particular circumstances and examples in which a researcher may want to establish correlation.
Pick a random sample of 50 homes from the enclosed 90 cases. Double the asking price and selling price and use this data to develop three predictive models:
The sales manager had predicted, before the business started, that year 1's sales would be 410 air conditioners. Using exponential smoothing with a weight of alpha = 0.30, develop forecasts for years 2 through 6.
A game involving a pair of dice pays out $4 with probability 16/36, costs you $2 with probability 14/36, and costs you $6 with probability 6/36.
Find the probability and mean and standard deviation for given data under Binomial distribution.
Using a present value table, your calculator, or a computer program present value function, answer the following questions. Assistance is needed with the formula to calculate the problems:
How large should the sample be if I want to maintain a 95 percent level of confidence and suffer a maximum error of $2.00 in my estimate of the highest price consumers are willing to pay?
In the biology class the mean score was 79 with standard deviation 5.
What is the difference between dependent and independent samples? Discuss differences is statistical treatment, statistical power, and data management.
The Roller Products Company produces roller skates and skateboards. It has three production lines. Production line 1 makes skateboard platforms.
If the average low temperature of a winter month in Rochester, NY, is 16° and the standard deviation is 4.6 then according to Chebyshev's theorem, the percentage of average low temperatures in Rochester, NY, between 2.2° and 29.8° is %.
A study of cardiovascular risk factors compared heavy smokers, light smokers, and nonsmokers. Both men and women were included in the study so that the two factors are smoking level and gender.
At the .01 significance level, can the manufacturer conclude that the price reduction resulted in an increase in sales?
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