Question

In: Statistics and Probability

Different hotels in a certain area are randomly​ selected, and their ratings and prices were obtained...

Different hotels in a certain area are randomly​ selected, and their ratings and prices were obtained online. Using​ technology, with x representing the ratings and y representing​ price, we find that the regression equation has a slope of 125 and a​ y-intercept of negative 374. Complete parts​ (a) and​ (b) below.

a. What is the equation of the regression​ line? Select the correct choice below and fill in the answer boxes to complete your choice. A. yequals nothingplusleft parenthesis nothing right parenthesis ModifyingAbove x with caret B. yequals nothingplusleft parenthesis nothing right parenthesis x C. ModifyingAbove y with caretequals nothingplusleft parenthesis nothing right parenthesis ModifyingAbove x with caret D. ModifyingAbove y with caretequals nothingplusleft parenthesis nothing right parenthesis x

b. What does the symbol ModifyingAbove y with caret ​represent? A. The symbol ModifyingAbove y with caret represents the expected price when the​ hotel's rating is 0. B. The symbol ModifyingAbove y with caret represents the predicted value of price. C. The symbol ModifyingAbove y with caret represents the average price of hotels in the area. D. The symbol ModifyingAbove y with caret represents the amount that price increases with a​ 1-point increase in rating.

Solutions

Expert Solution

a) y^ = -374 + 125 * x

b) Option-B) The symbol y^ represents the predicted value of price.

                                                                                                                                                                               

orchestra answered 1 year ago
Next > < Previous

Related Solutions

Listed below are prices in dollars for one night at different hotels in a certain region....
Listed below are prices in dollars for one night at different hotels in a certain region. Find the​ range, variance, and standard deviation for the given sample data. Include appropriate units in the results. How useful are the measures of variation for someone searching for a​ room? 270 278 154 144 220 222 178 285
Listed below are prices in dollars for one night at different hotels in a certain region....
Listed below are prices in dollars for one night at different hotels in a certain region. Find the range, variance, and standard deviation for the given sample data. Include appropriate units in the results. How useful are the measures of variation for someone searching for a room? 249, 144, 192, 80, 148, 260, 256, 105 Use correct units in your responses. The range of the sample data is ______________________ . The standard deviation of the sample data is ________________________. The...
In a statistic class, 11 scores were randomly selected with the following results were obtained: 68,...
In a statistic class, 11 scores were randomly selected with the following results were obtained: 68, 74, 66, 37, 52, 71, 90, 65, 76, 73, 22. What are the outer fences? A)-6.0, 140.0 B)-10.0, 92.0 C)2.0, 128.0 D)2.0, 162.0 E)37.0, 107.0
Records of randomly selected births were obtained and categorised based on the day of the week...
Records of randomly selected births were obtained and categorised based on the day of the week the birth occurred, which is provided below. Since babies are unaware of the tradition work week, it would be reasonable to assume the distribution of births would occur equally on each of the days of the week. At 1% level of significance, test the claim. Can you think of an explanation for the result? Day Sunday Monday Tuesday Wednesday Thursday Friday Saturday Number of...
Suppose IQ scores were obtained from randomly selected twinstwins. For 2020 such pairs of​ people, the...
Suppose IQ scores were obtained from randomly selected twinstwins. For 2020 such pairs of​ people, the linear correlation coefficient is 0.8670.867 and the equation of the regression line is ModifyingAbove y with caret equals 5.44 plus 0.93 xy=5.44+0.93x​, where x represents the IQ score of the twin born secondtwin born second. ​Also, the 2020 x values have a mean of 96.2696.26 and the 2020 y values have a mean of 94.9594.95. What is the best predicted IQ of the twin...
Suppose IQ scores were obtained from randomly selected twins . For 20 such pairs of​ people,...
Suppose IQ scores were obtained from randomly selected twins . For 20 such pairs of​ people, the linear correlation coefficient is 0.937 and the equation of the regression line is ModifyingAbove y with caret equals negative 16.5 plus 1.16 x ​, where x represents the IQ score of the twin born second . ​Also, the 20 x values have a mean of 101.81 and the 20 y values have a mean of 101.8 . What is the best predicted IQ...
Problem 3: Food Prices: Target versus Safeway.  Grocery prices of the same randomly selected items were collected...
Problem 3: Food Prices: Target versus Safeway.  Grocery prices of the same randomly selected items were collected and compared from Target and Safeway.  Imagine you were interested in conducting a hypothesis test to determine whether the mean prices were significantly different.  Note: to answer the questions below, subtract Target price – Safeway price (i.e. subtract Safeway price from Target price). Data: Mean = -0.5071, Standard Deviation = 0.9012 Ball Park Hot Dogs 3.79 3.79 0 Milk Gallon 2.79 2.99 -0.2 Tomato Sauce 16...
A traveler wanted to know if the prices of hotels are different in the ten cities...
A traveler wanted to know if the prices of hotels are different in the ten cities that he visits the most often. The list of the cities with the corresponding hotel prices for his two favorite hotel chains is in the table below. Test at the 1% level of significance. Cities Hyatt Regency prices in dollars Hilton prices in dollars Atlanta 107 169 Boston 358 289 Chicago 209 299 Dallas 209 198 Denver 167 169 Indianapolis 179 214 Los Angeles...
Scenario 2: Car crashes ~ Randomly selected deaths from car crashed were obtained and the results...
Scenario 2: Car crashes ~ Randomly selected deaths from car crashed were obtained and the results are shown in the table below: Day Sun Mon Tue Wed Thu Fri Sat Fatalities 132 108 95 99 115 132 138 State officials wonder if car crash fatalities occur with unequal frequency on different days of the week. They represent this research question in terms of two competing hypotheses: H0​: Car crashes occur with equal frequency throughout the week and that any uneven...
Randomly selected birth records were obtained and results arelisted below. Use a 0.01 significance level to...
Randomly selected birth records were obtained and results arelisted below. Use a 0.01 significance level to test the reasonableclaim that births occur with equal frequency on the different daysof the week. How might the apparent lower frequency on Saturday andSunday be explained? Day Sun Mon Tues Wed Thurs Fri Sat Births 43 63 59 58 56 57 45
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT