Question

In: Statistics and Probability

Use the following information to answer the next exercises. The cost of a leading liquid laundry...

Use the following information to answer the next exercises. The cost of a leading liquid laundry detergent in different sizes is given in Table 12.31.

size (ounces) cost ($) cost per ounce
16 3.99
32 4.99
64 5.99
200 10.99
  1. Using “size” as the independent variable and “cost” as the dependent variable, draw a scatter plot.
  2. Does it appear from inspection that there is a relationship between the variables? Why or why not?
  3. Calculate the least-squares line. Put the equation in the form of: ŷ = a + bx
  4. Find the correlation coefficient. Is it significant?
  5. If the laundry detergent were sold in a 40-ounce size, find the estimated cost.
  6. If the laundry detergent were sold in a 90-ounce size, find the estimated cost.
  7. Does it appear that a line is the best way to fit the data? Why or why not?
  8. Are there any outliers in the given data?
  9. Is the least-squares line valid for predicting what a 300-ounce size of the laundry detergent would you cost? Why or why not?
  10. What is the slope of the least-squares (best-fit) line? Interpret the slope.

Solutions

Expert Solution

a) scatter plot is given below

b) Yes there is a strong relationship between the variables. As you can see in the above scatter plot almost all points lie on the line.

c)

The least square line is

d)

The correlation coefficient between the variables is 0.9985. Yes it is significant.There is strong correlation between the variables.

g) As you can see in the graph below that the line of observed cost and predicted cost coincides. So it best fits the data.

h) there are no outliers you can see in the graph .

orchestra answered 2 years ago
Next > < Previous

Related Solutions

Use the following information to answer the next ten exercises: A sample of 20 heads of...
Use the following information to answer the next ten exercises: A sample of 20 heads of lettuce was selected. Assume that the population distribution of head weight is normal. The weight of each head of lettuce was then recorded. The mean weight was 2.2 pounds with a standard deviation of 0.1 pounds. The population standard deviation is known to be 0.2 pounds. 13. Identify the following: a. x = ______ b. σ = ______ c. n = ______ 14. In...
Use the following information to answer the next four exercises. Recently, a nurse commented that when...
Use the following information to answer the next four exercises. Recently, a nurse commented that when a patient calls the medical advice line claiming to have the flu, the chance that he or she truly has the flu (and not just a nasty cold) is only about 4%. Of the next 25 patients calling in claiming to have the flu, we are interested in how many actually have the flu. 83. Define the random variable and list its possible values....
Use the following information to answer the next four exercises: An unknown distribution has a mean...
Use the following information to answer the next four exercises: An unknown distribution has a mean of 80 and a standard deviation of 12. A sample size of 95 is drawn randomly from the population. 7. Find the probability that the sum of the 95 values is greater than 7,650. 8. Find the probability that the sum of the 95 values is less than 7,400. 9. Find the sum that is two standard deviations above the mean of the sums....
Use the following information to answer the next six exercises also using excel functions for the...
Use the following information to answer the next six exercises also using excel functions for the answers: Yoonie is a personnel manager in a large corporation. Each month she must review 16 of the employees. From past experience, she has found that the reviews take her approximately four hours each to do with a population standard deviation of 1.2 hours. Let Χ be the random variable representing the time it takes her to complete one review. Assume Χ is normally...
Use the following information to answer the next five exercises: A poll of 1,200 voters asked...
Use the following information to answer the next five exercises: A poll of 1,200 voters asked what the most significant issue was in the upcoming election. Sixty-five percent answered the economy. We are interested in the population proportion of voters who feel the economy is the most important. Using Excel and functions. Don't forget to use this formula sqrt(p'*(1-p')/n) = 1. Define the random variable X in words. 2. Define the random variable P′ in words. 3. Which distribution should...
The cost of a leading liquid laundry detergent in different sizes is given below. Size (ounces)...
The cost of a leading liquid laundry detergent in different sizes is given below. Size (ounces) Cost ($) 16 3.49 32 4.39 64 5.19 200 10.09 Calculate the least squares line. Put the equation in the form of: ŷ = a + bx. (Round your answers to three decimal places.) Find the correlation coefficient r. (Round your answer to four decimal places.) r = If the laundry detergent were sold in a 20-ounce size, find the estimated cost. (Use your...
The cost of a leading liquid laundry detergent in different sizes is given below. Size (ounces)...
The cost of a leading liquid laundry detergent in different sizes is given below. Size (ounces) Cost ($) 16 3.89 32 4.79 64 5.69 200 10.59 c) Calculate the least squares line. Put the equation in the form of: ŷ = a + bx. (Round your answers to three decimal places.) ŷ =_____+_____x d) Find the correlation coefficient r. (Round your answer to four decimal places.) r = _____ e) If the laundry detergent were sold in a 50-ounce size,...
The cost of a leading liquid laundry detergent in different sizes is given below. Size (ounces)...
The cost of a leading liquid laundry detergent in different sizes is given below. Size (ounces) Cost ($) Cost per ounce 16 3.79 32 4.89 64 5.49 200 10.99 Calculate the least squares line. Put the equation in the form of: ŷ = a + bx. Find the correlation coefficient r If the laundry detergent were sold in a 50-ounce size, find the estimated cost. If the laundry detergent were sold in an 86-ounce size, find the estimated cost. What...
Use the following information for the next five exercises. Two types of phone operating system are...
Use the following information for the next five exercises. Two types of phone operating system are being tested to determine if there is a difference in the proportions of system failures (crashes). Fifteen out of a random sample of 150 phones with OS1 had system failures within the first eight hours of operation. Nine out of another random sample of 150 phones with OS2 had system failures within the first eight hours of operation. OS2 is believed to be more...
Use the following information to answer the next three questions: The following information is available from...
Use the following information to answer the next three questions: The following information is available from the records of Aggies R Us, Inc. at the end of the 2017 calendar year.  Assume this is Aggies’ 1st year of operation. Accounts Receivable           $102,200        Notes Payable                       $???? Cash                                        70,890              Salary Expense                   320,000 Building                                    75,000           Retained earnings ???? Advertising Expense                60,000             Accounts Payable                  62,800                                    Dividends                                 12,200             Income Tax Expense             23,100 Service Revenues                  460,000             Common Stock                    120,000            Office Equipment                     22,500             Wages Payable                     15,450 Determine Aggies’ Net Income for the year ended December 31, 2017: A. $36,900 B. $80,000 C. $56,900 D. $44,700...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT