Question
In: Statistics and Probability
Keep in mind, the correlation coefficient may or may not be statiscally signifcanct for the data...
Keep in mind, the correlation coefficient may or may not be statiscally signifcanct for the data given. remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation is not statistically significant.
| Price in Dollar | 20 | 30 | 35 | 42 | 49 |
| Number of Bids | 3 | 4 | 5 | 6 | 9 |
Step 1: find the estimated slope. round to three decimal places
Step 2: Find the estimated y-intercept. round to three decimal places
Step 3: Determine if the statement "All points predicted by the linear model fall on the same line" is true or false."
Step 4: Find the estimated value of y when x=35 round to three decimal places
Step 5: Find the error prediction when x=35. round to three decimal places
Step 6: Find the value of the coefficient of determination. round to three decimal places
Solutions
Expert Solution
Solution: We can use the excel regression data analysis tool to find the answer to the given questions. The excel output is given below:
| SUMMARY OUTPUT | ||||||
| Regression Statistics | ||||||
| Multiple R | 0.952943258 | |||||
| R Square | 0.908100853 | |||||
| Adjusted R Square | 0.877467804 | |||||
| Standard Error | 0.805866392 | |||||
| Observations | 5 | |||||
| ANOVA | ||||||
| df | SS | MS | F | Significance F | ||
| Regression | 1 | 19.25173808 | 19.25173808 | 29.64448133 | 0.012166824 | |
| Residual | 3 | 1.948261924 | 0.649420641 | |||
| Total | 4 | 21.2 | ||||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | |
| Intercept | -1.543249798 | 1.325184219 | -1.164554917 | 0.328387617 | -5.760577418 | 2.674077822 |
| Price in Dollar | 0.197251415 | 0.03622832 | 5.444674584 | 0.012166824 | 0.081956731 | 0.312546099 |
Step 1: find the estimated slope. round to three decimal places
Answer: 
Step 2: Find the estimated y-intercept. round to three decimal places
Answer: 
Step 3: Determine if the statement "All points predicted by the linear model fall on the same line" is true or false."
Answer: False
Step 4: Find the estimated value of y when x=35 round to three decimal places
Step 5: Find the error prediction when x=35. round to three decimal places
Answer: 
Step 6: Find the value of the coefficient of determination. round to three decimal places
Answer:
orchestra answered 2 years agoRelated Solutions
If Data A has a correlation coefficient of r = -0.991, and Data B has a...
If Data A has a correlation coefficient of r = -0.991, and Data
B has a correlation coefficient of r = 0.991, which correlation is
correct?
Select one:
a. Data A and Data B have the same strength in linear
correlation.
b. Data A has a weaker linear correlation than Data B.
c. Data A has a stronger linear correlation than Data B.
Clear my choice
Question 12
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Question text
The...
SPSS: Correlation Use SPSS or Excel to calculate the appropriate correlation coefficient for the following data...
SPSS: Correlation
Use SPSS or Excel to calculate the appropriate correlation
coefficient for the following data for “Hours of Exercise” and
“Life Satisfaction.” (0 = Not at all satisfied). Provide an
APA-style results section write – up. (b) Graph the
relationship.
HINT: Below you will find instructions for the APA-style
write-up.
Complete the write-up on a word document and upload the file
for submission.
Hours of Exercise.
2
0
5
6
1
2
4
4
3
4
life satisfaction...
Define correlation coefficient. Describe in your own words the difference between correlation coefficient and coefficient of...
Define correlation coefficient. Describe in your own words the
difference between correlation coefficient and coefficient of
determination.
The correlation coefficient is: the range of values over which the probability may be estimated based...
The correlation coefficient is:
the range of values over which the probability may be estimated
based upon the regression equation results.
the proportion of the total variance in the dependent variable
explained by the independent variable.
the measure of variability of the actual observations from the
predicting (forecasting) equation line.
the relative degree that changes in one variable can be used to
estimate changes in another variable.
What is the coefficient of determinaton and cofficient of correlation for this data set home prices...
What is the coefficient of determinaton and cofficient of
correlation for this data set
home prices vs square footage.
369,000
1,372
569,000
2909
439000
1837
544000
2573
399000
1642
499000
2216
599000
1400
487000
2508
410000
1800
379950
1674
565000
2056
659000
4171
859000
4308
610000
2303
450000
1698
480000
1896
319900
1970
385000
2320
449000
2846
199000
1440
369000
2295
350000
1512
449000
1900
525000
2080
770000
3168
789000
3236
675000
2784
765000
2802
A) Running a regression on 11 pairs of data, you find the correlation coefficient to be...
A) Running a regression on 11 pairs of data, you find the
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does this show significant correlation?
Yes, significant correlation
No
B) At a .01 significance level with a sample size of 50, find
the critical value for the correlation coefficient
Calculate the Coefficient of Correlation and the Least Squares Equation for the following data, hours of...
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Equation for the following data, hours of study (x) and hours of
sleep(y). Using your equation, if the hours of study is 5, what is
the expected hours of sleep? For any credit, make sure you show
your work and submit a PDF or picture of it via the test assignment
in Week 5. Hours of Study Hours of Sleep 2 10 6 6 6 5 3 9 2 12
True or False The correlation coefficient of 0.5 indicates a positive association, while a correlation coefficient...
True or False
The correlation coefficient of 0.5 indicates a positive
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negative association.
A researcher rejected the null hypothesis at a 1%
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When a researcher calculated the 99% confidence
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If the linear correlation coefficient of the
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Give a detailed interpretation of the slope of a least
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Give a detailed interpretation of the intercept of a
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