Question
In: Statistics and Probability
Situation: The U.S. Bureau of Mines produces data on the price of Minerals. The data below...
Situation:
The U.S. Bureau of Mines produces data on the price of Minerals. The data below displays the average prices per year for several minerals over a decade.
|
Gold |
Copper |
Silver |
Aluminum |
| 161.1 | 64.2 | 4.4 | 39.8 |
| 308.0 | 93.3 | 11.1 | 61.0 |
| 613.0 | 101.3 | 20.6 | 71.6 |
| 460.0 | 84.2 | 10.5 | 76.0 |
| 376.0 | 72.8 | 8.0 | 76.0 |
| 424.0 | 76.5 | 11.4 | 77.8 |
| 361.0 | 66.8 | 8.1 | 81.0 |
| 318.0 | 67.0 | 6.1 | 81.0 |
| 368.0 | 66.1 | 5.5 | 81.0 |
| 448.0 | 82.5 | 7.0 | 72.3 |
| 438.0 | 120.5 | 6.5 | 110.1 |
| 382.6 | 130.9 | 5.5 | 87.8 |
Action:
Use the attached MS Excel spreadsheet data and multiple regression to produce a model to predict the average price of gold from other variables. Comment on the following:
Action:
Use the above data and multiple regression to produce a model to predict Morning Starthe average price of gold from other variables. Comment on the following:
- Regression equation & describing equation
- R, R2 and 1-R2, adjusted R2 & interrupting each one
- Standard error of estimate & interpretation
- Report the t's for each value and the corresponding p-values
- Overall test of hypothesis and decision.
- Use a .05 level of significance. Cite which variables are significant and which are not significant, based on the t values and p values for each independent variable.
Solutions
orchestra answered 2 years agoRelated Solutions
The U.S. Bureau of Mines produces data on the price of Minerals. The data below displays...
The U.S. Bureau of Mines produces data on the price of Minerals.
The data below displays the average prices per year for several
minerals over a decade.
Gold
($ per oz.)
Copper
(cents per lb.)
Silver
($ per oz.)
Aluminum
(cents per lb.)
161.1
64.2
4.4
39.8
308.0
93.3
11.1
61.0
613.0
101.3
20.6
71.6
460.0
84.2
10.5
76.0
376.0
72.8
8.0
76.0
424.0
76.5
11.4
77.8
361.0
66.8
8.1
81.0
318.0
67.0
6.1
81.0
368.0
66.1
5.5
81.0
448.0...
Measures of Average: U.S. Census Bureau The U.S. Census Bureau reports the median family income in...
Measures of Average: U.S. Census Bureau
The U.S. Census Bureau reports the median family income in its
summary of census data.
a) Why do you suppose it uses the median instead of the
mean?
b) What might be the disadvantages of reporting the mean?
Measures of Variation: MP3 Player Life Span
A company selling a new MP3 player advertises that the player
has a mean lifetime of 5 years. If you were in charge of quality
control at the factory,...
U.S. Bureau of Economic Analysis (BEA) publishes data for GDP with the breakdown of all the...
U.S. Bureau of Economic Analysis (BEA) publishes data for GDP
with the breakdown of all the components of GDP. Visit their
website by clicking on the following link
https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=2#reqid=19&step=2&isuri=1&1921=survey
Then select Table 1.1.5. Gross Domestic Product, from SECTION
1- Domestic Product.
Using the table answer the following questions:
a. Based on the table, what are the components that are listed
as part of the consumption. You do not need to provide the values
only names are enough.
b. Based on...
Highland Mining and Minerals Co. is considering the purchase of two gold mines. Only one investment...
Highland Mining and Minerals Co. is considering the purchase of
two gold mines. Only one investment will be made. The Australian
gold mine will cost $1,671,000 and will produce $381,000 per year
in years 5 through 15 and $592,000 per year in years 16 through 25.
The U.S. gold mine will cost $2,041,000 and will produce $267,000
per year for the next 25 years. The cost of capital is 8 percent.
Use Appendix D for an approximate answer but calculate...
Highland Mining and Minerals Co. is considering the purchase of two gold mines. Only one investment...
Highland Mining and Minerals Co. is considering the purchase of
two gold mines. Only one investment will be made. The Australian
gold mine will cost $1,602,000 and will produce $318,000 per year
in years 5 through 15 and $559,000 per year in years 16 through 25.
The U.S. gold mine will cost $2,033,000 and will produce $290,000
per year for the next 25 years. The cost of capital is 10 percent.
Use Appendix D for an approximate answer but calculate...
Highland Mining and Minerals Co. is considering the purchase of two gold mines. Only one investment...
Highland Mining and Minerals Co. is considering the purchase of
two gold mines. Only one investment will be made. The Australian
gold mine will cost $1,630,000 and will produce $306,000 per year
in years 5 through 15 and $572,000 per year in years 16 through 25.
The U.S. gold mine will cost $2,012,000 and will produce $270,000
per year for the next 25 years. The cost of capital is 10 percent.
Use Appendix D for an approximate answer but calculate...
The U.S. Census Bureau announced that the median sales price of new house sold in December...
The U.S. Census Bureau announced that the median sales
price of new house sold in December of 2018 $322,800, and the mean
sales price was $376,000
(https://www.census.gov/construction
/nrs/pdf/uspricemon.pdf). Assume that the standard
deviation of the prices is $90,000.
a. If you select a random sample of n = 100, what is the
probability that the sample mean will be less than
$300,000?
b. If you select a random sample of n = 100, what is the
probability that the sample...
The U.S. Census Bureau announced that the mean sale price of new houses sold in 2011...
The U.S. Census Bureau announced that the mean sale price of new
houses sold in 2011 was $267,900. Assume that the standard
deviation of the prices is $90,000.
(a) If you select a random sample of n = 100, what is the
probability that the sample mean will be less than $300,000?
(b) If you select a random sample of n = 100, what is the
probability that the sample mean will be between $275,000 and
$290,000?
(c) Between what...
The U.S. Census Bureau announced that the mean sales price of new houses sold in 2016...
The U.S. Census Bureau announced that the mean sales price of
new houses sold in 2016 was $370,800. Suppose the sales price
follows a normal distribution with a standard deviation of
$90,000.
a. (5 points) If you select samples of n = 4, what is the
standard error of the mean?
b. (5 points) If you select samples of n = 100, what is the
standard error of the mean?
c. (5 points) If you select a random sample of...
1. Based on U.S. Bureau of Justice data, 16% of persons arrested are women. If 400...
1. Based on U.S. Bureau of Justice data, 16% of persons arrested
are women. If 400 arrest cases are randomly selected, estimate the
probability that more than 60 women were arrested. Since this is
discrete data, use the binomial distribution.
I got the answer 0.628 and it is not correct.
2. The lengths of human pregnancies are normally distributed
with a mean of 268 days and a standard deviation of 15 days. If we
stipulate that a baby is premature...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Direct Materials Variances Bellingham Company produces a product that requires 8 standard pounds per unit. The...
- Defining the situation the same way serves as the basis for interpreting social interaction. In one...
- Jan sold her house on December 31 and took a $20,000 mortgage as part of the...
- a.) What are the limitations of the ICP-MS? b.) Which elements is it optimal for (generally)?...
- If a project costs $70,000 and is expected to return $17,500 annually, how long does it...
- Web Link-Video: Own Your Behaviors, Master Your Communication, Determine Your Success, Louise Evans : Please see...
- 11. In the Porter model a substitute for the products of Ozarka water (which I define...
ADVERTISEMENT