Question

In: Economics

A professor aims to explore and determine the importance of spending more time in understanding the...

A professor aims to explore and determine the importance of spending more time in understanding the data behaviour and run the exploratory data analysis. He claims that the longer the time (in hours per day) student’s spent on both aspects will produce more excellence output in terms of writings and results (in average pages). Therefore, a random sample of 11 degree students were chosen and their output produced items were recorded as in Table 1. Draw the conclusion from the result of the appropriate analysis.

Table 1

Time (hours per week)

4

3

5

7

8

9

7

6

5

9

10

Output

7

8

9

13

14

15

11

10

11

15

16

Solutions

Expert Solution

Lets first plot the graph to get a better visual understanding of the data. The plot is shown below.

We have also added a logartithmic trendline here. Lets see what these tell us.

First, lets see why we have used the log regression line and not linear. This is because the relationship between time spent and output is not only not linear, but also changes direction couple of times. If we had used a linear regression, we would not have been able to capture this change and its effect.

A log regression is used when the relationship is fast at first and then changes. We can see that initially the output increases rapidly with increase in time spent but then goes negative and then come back.

As we can see from the equation shown in the cart, the relationshio between output (y) and of time spent (x) can be predicted by

output=3.0409Ln(time spent)+6.8889

What its saying is that, on an average, the output will rise rapidly at first with increase in time spent, but the rate of increase will slow down as we spend more time. Effectively, it shows diminishing returns.


Related Solutions

A professor in the psychology dept at State U. would like to determine whether more students...
A professor in the psychology dept at State U. would like to determine whether more students have low grades in Statistics courses than in other courses in the dept. It is known that the overall grade distribution for the dept is 15% As, 25% Bs, 30% Cs, 20% Ds, and 10% Fs. A sample of 100 students taking statistics last year produced the following grade distribution for statistics grades (observed frequencies):      What specific statistical procedure would you use to test...
4) Professor Arnold practices putting in golf. He starts at the same location and aims for...
4) Professor Arnold practices putting in golf. He starts at the same location and aims for the same hole each shot (i.e. he puts from the same place regardless of where the ball stopped). Assume that his skill level is constant throughout, and every shot is independent. His first shot does not make it into the hole. (Note, since the distribution of distance is continuous, the probability of two shots having the same distance from the hole is infinitesimal; hence,...
The Relative Importance of Factors of Fundamental Analysis Fundamental analysis is the process that aims to...
The Relative Importance of Factors of Fundamental Analysis Fundamental analysis is the process that aims to develop an understanding of the determinants of a company’s value based on the performance of the economy, the company’s industry and the business performance of the company itself. Fundamental analysis considers factors such as: the level and growth rate of the GDP, the evolution of interest rates, the government’s fiscal and monetary policies, the industry’s lifecycle, the financial metrics of competitors’ performance, the company’s...
The individual assignment aims to give you an understanding of real-life auditing issues and an appreciation...
The individual assignment aims to give you an understanding of real-life auditing issues and an appreciation of the link between theory and practice. It further aims to foster your research, critical analysis and communication skills. Your essay should cover the following: The WorldCom collapse in the USA raised several issues with regard to Auditor Independence. a) discuss three audit issues (such as independence, due diligence and valuation) that arose during the WorldCom collapse b) critically discuss the relevance (if any)...
A student aims to perform a titration to determine the exact concentration of HNO3. The bottle...
A student aims to perform a titration to determine the exact concentration of HNO3. The bottle was labeled with only an approximation concentration of 0.5 M. In order to ensure accuracy the volume of the titrant used should be half the 50.0 mL capacity of the burette. The student decides the analyte volume will be 20.0 mL and the titrant will be NaOH. The student sets out to determine the concentration of NaOH needed and the mass required to prepare...
HISTORY Explore the importance of religion in New England society, and the relationship of church and...
HISTORY Explore the importance of religion in New England society, and the relationship of church and state. Include a discussion of the Salem Witch Trails. Write between 150 to 200 words
Describe the importance of Thalidomide in understanding the importance of chiral drugs. Besides Thalidomide, what other...
Describe the importance of Thalidomide in understanding the importance of chiral drugs. Besides Thalidomide, what other drugs are chiral drugs and how do the enantiomers function and or react differently?
Explain the importance of understanding the dispersion of a set of scores in addition to the...
Explain the importance of understanding the dispersion of a set of scores in addition to the average score. Give one example from this simulation and one example you can envision.
Discuss the importance of Syria for understanding the culture of Late Antiquity
Discuss the importance of Syria for understanding the culture of Late Antiquity
For this activity, you will explore your understanding of effective listening skills in an organizational setting....
For this activity, you will explore your understanding of effective listening skills in an organizational setting. You may be able to use the ideas you develop here in your final project. Objective: This question is designed to help you gain insight on your final project’s communication problem. You may be able to use material from this activity in your final project. Background: Please begin this exercise by reading the following information carefully. Research on adults’ listening styles by Sargent and...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT