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In: Statistics and Probability

Consumer Reports provided extensive testing and ratings for more than 100 HDTVs. An overall score, based...

Consumer Reports provided extensive testing and ratings for more than 100 HDTVs. An overall score, based primarily on picture quality, was developed for each model. In general, a higher overall score indicates better performance. The following (hypothetical) data show the price and overall score for the ten 42-inch plasma televisions (Consumer Report data slightly changed here):

Brand

Price (X)

Score (Y)

Dell

2900

50

Hisense

2800

52

Hitachi

2700

45

JVC

3500

60

LG

3300

56

Maxent

2000

30

Panasonic

4200

68

Phillips

3100

56

Proview

2500

35

Use the above data to develop and estimated regression equation and interpret the coefficients. Compute Coefficient of Determination and correlation coefficient and show their relation. Interpret the explanatory power of the model. Estimate the overall score for a 42-inch plasma television with a price of $3400. Finally, test the significance of the slope coefficient. (Note that you need to answer all parts of the question and provide necessary interpretations to get full points).

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orchestra answered 2 years ago
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