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Business and Management
The owner of a small ice cream stand believes that total weekly revenue (y, in dollars) during the summer months is related to money spent on advertising (x, dollars per week). A random sample of summer weeks was selected, and the resulting data are given in the following table.
X
30
300
380
275
350
190
85
y
957
1125
1202
1028
1134
1124
1062
a. Find the estimated regression line, and complete the ANOVA table.
b. What proportion of the observed variation in weekly revenue is explained by this regression model?
c. Find a 99% confidence interval for the regression parameter b1.
d. Conduct a hypothesis test of H0: b0 = 0 versus Ha: β0 > 0. Interpret the results. (What happens if the owner spends nothing on advertising in a week?)
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Problems on Sampling Variability and Standard Error and Confidence Intervals
If gambler rolls two dice and gets sum of four, he wins $10; and if he gets sum of three, he wins $25. Cost to play game is $5. What is expectation of this game?
A financier whose specialty is investing in comedy shows has observed that, in general, shows with "big- name" stars seem to generate more revenue than those shows whose stars are less well known.
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Find the total sample size needed using a two-sided test at the 0.05 level of significance and a statistical power of 80% to detect the alternative hypothesis that the two-year relapse rates in the placebo and the new drug arms are 60% and 40%, re..
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