Question

In: Statistics and Probability

If you peruse the bookshelves of a typical college professor, you will find a variety of...

If you peruse the bookshelves of a typical college professor, you will find a variety of books ranging from textbooks to esoteric technical publications to paperback novels. In order to determine whether or not the price of a book can be determined by the number of pages it contains, a college professor recorded the number of pages and price for 15 books on one shelf. The data are shown below.

Pages	Price	Pages	Price	Pages	Price
104*	32.95	342*	49.95	436	5.95
188*	24.95	378	4.95	458*	60.00
220*	49.95	385	5.99	466*	49.95
264*	79.95	417	4.95	469	5.99
336	4.50	417*	39.75	585	5.95

*Denotes Hardback Book

Relating # of pages and price, would you expect a positive or negative correlation?

Construct scatterplot and calculate Pearson correlation coefficient. Depict type of book on your scatterplot.

Construct scatterplot and calculate Pearson correlation coefficient using just the data for the hardback books.

Construct scatterplot and calculate Pearson correlation coefficient using just the data for the paperback books.

What do you learn from parts b, c, and d above.

Expert Solution

(a).By seeing the data I expect Correlation to be positive as increase in book pages, increase in price too.

(b). For the construction of scatterplot and calculate pearson correlation coefficient follow the given steps:

Firstly, enter the data in the excel spreadsheet.
Then select the data and go to insert option in the toolbar.
Then under the chart section, Select scatterplot.
Now for the correlation coefficient (r) use the function "=CORREL(array1, array2)". In array1 select pages data and in array2 select price data.

(c.)

(d).

(e). Part b shows that there is a negative correlation between the pages and price of a book when data of both the hardback and paperback book is included. It means as the number of pages in a book incease (or decrease) then the price of book decrease (or increase).

whereas, in part c and d there is a positive correlation between the pages and price. It means as the number of pages in a book incease (or decrease) then the price of book increase (or decrease) but in part d there is a correlation of higher magnitude than that in part c.

orchestra answered 2 years ago

As you peruse the internet on statistical concepts, you find that some web-pages show a standard...

As you peruse the internet on statistical concepts, you find that some web-pages show a standard deviation being calculated with n in the denominator and others show a standard deviation calculated with (n − 1) in the denominator (or both!). How does this make sense and when would you use one or the other?

Imagine you are a Professor at KPU School of Business.What are the typical “customers” (i.e....

Imagine you are a Professor at KPU School of Business.What are the typical “customers” (i.e. KPU students) like? Create a customer profile for KPU based on the theories we discussed about in this chapter.

You work as a college professor during the academic year but have the summers off. You...

You work as a college professor during the academic year but have the summers off. You love Salmon fishing on the Kenai River in Alaska. You decide to purchase a fishing camp for $570,000 on May 15 so you can rent the cabins out and be a fishing guide for your customers. Your appraiser tells you that the land is worth 30.00% of your purchase price. You immediately build a large pavillion to hold your daily cookouts at a cost...

1. Types of Contracts. Professor Dixon was an adjunct professor at Tulsa Community College (TCC) in...

1. Types of Contracts. Professor Dixon was an adjunct professor at Tulsa Community College (TCC) in Tulsa, Oklahoma. Each semester, near the beginning of the term, the parties executed a written contract that always included the following provision: “It is agreed that this agreement may be cancelled by the Administration or the instructor at anytime before the first class session.” In the spring semester of Dixon’s seventh year, he filed a complaint with TCC alleging that one of his students,...

You are a college professor who suspects that students have copied each others answers on a...

You are a college professor who suspects that students have copied each others answers on a multiple choice (a,b,c,d) exam. Building on the code I have developed CheatingCodeForCompletion.py , you are to develop a program that will tell you which students have identical answers. I have developed the code that will generate answers for each of the students. You are to complete the code to analyze the answers and print to the screen your analysis as demonstrated in the two example...

Bonds are issued with a variety of maturities, but the typical maturity is between 10 and...

Bonds are issued with a variety of maturities, but the typical maturity is between 10 and 30 years. Nevertheless, there are companies, like Coca Cola (KO) and Disney (DIS), that have issued a 100-year bond. If whoever bought Disney's bonds when there were issued and held them until maturity, they would get the YTM if they held the bond until maturity. So, Why do companies issue 100-year bonds? And why there are investors who buy them?

A college professor at LeTall University, Professor Lai, makes mountains out of molehills. He can do...

A college professor at LeTall University, Professor Lai, makes mountains out of molehills. He can do this with almost no effort; so molehills are the only input used for producing mountains. Suppose it takes 100 molehills to make 1 mountain. The current market price of molehills is $20 each. A few years ago, Lai bought an option contract that allows him to buy up to 2, 000 molehills at $10 each. His option contract stipulates that he can buy fewer...

TASK: After you peruse this week's resources, you should have a good idea of what a...

TASK: After you peruse this week's resources, you should have a good idea of what a healthy, comprehensive plan for weight loss should look like. Use this knowledge to answer the first question below, then consult some reliable, external resources to answer questions #2 and #3. Based on this week’s readings, briefly summarize the key components to healthy weight loss. Please complete this question BEFORE you answer the next two questions. Next, describe “exercise addiction.” Be sure to support your...

Is it worth going to college? Let's suppose that a typical college educated professional makes 85,000...

Is it worth going to college? Let's suppose that a typical college educated professional makes 85,000 dollars per year and a high school graduate makes 45,000 dollars per year. The direct costs of college (tuition, books, and so on) are 16,000 dollars a year (and a college degree takes 4 years). For the purpose of this exercise, consider that the earnings are constant until the age of 64; and thereafter, the earnings are zero. (a) Suppose that John is now...

There are 4 members of the Smith family. They are as follows: Mom; college professor of...

There are 4 members of the Smith family. They are as follows: Mom; college professor of Mathematics, 45 years old, described by her co-workers as introverted, driven and serious, considered Head of the Household and breadwinner of the family. Dad: works in the oil field, home every two weeks for two weeks and then gone again for the following two weeks, high school drop-out, 40 years old, considerably overweight therefore is contemplating retirement and starting a new business with less...