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Q1) A multiple regression equation for list price of homes in certain community in USA is=170,000 -850 X1 + 28,000 X2, where X1 signifies age in years and X2 signifies number of rooms. If prospective purchaser is interested in the older, well-constructed home about 55 years old with 10 rooms, what would be predicted list price in that community? (Illustrate your procedure.)
Q2) It is known that if correlation is not important, the best predictor for dependent variable is not? From regression equation. Rather it is the mean of sample values of dependent variable. Compute the best predicted value for following problem? Assume the regression line for 8 pairs of data linking cost of advertising Suppose the products are heavy duty tractors. If rxy= 0.647 and 60 tractors sold, how many tractors would be sold if $5000 were spent on advertising? (Suppose that $5000 is in scope of the sampled data.) Illustrate your method.
Estimate the population mean
The market model relating the rate of return of stock XYZ (denoted RXYZ) to the rate of return Of a broader index of the stock market (denoted RM) is reported as:
Develop a probability distribution for the number of travelers who plan their trips within two weeks of departure.
A sample of 50 provided a sample mean of 14.15. The population standard deviation is 3.
By using the maximax criterion, what decision should be made by the decision maker?
Suppose that the number of babies born during an hour at a hospital's maternity wing follows a Poisson distribution with a mean of 4 per hour.
What does the standard deviation mean? Interpret the standard deviation relative to the average or mean?
A group of students collected data at the Cedar Point amusement park and reported that the "wait time" to ride the "Top Thrill Dragster" roller coaster is consistently distributed within a range of 40 minutes to 90 minutes.
Plot a scatter diagram of the results with Depth of Water as the independent variable.
Calculate the correlation coefficient and prediction equation.
Difference in the mean number of times men and women order take-out dinners in a month? What is the p-value?
Create a 90% confidence interval for proportion of all kernels that would not pop.
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