Question
In: Statistics and Probability
1. Use the data of houses in Lancaster to answer the questions below: House price in...
1. Use the data of houses in Lancaster to answer the questions below:
|
House price in $1000s |
Square Feet (X) |
|
245 |
1400 |
|
312 |
1600 |
|
279 |
1700 |
|
308 |
1875 |
|
199 |
1100 |
|
219 |
1550 |
|
405 |
2350 |
|
324 |
2450 |
|
319 |
1425 |
|
255 |
1700 |
b)Find the correlation coefficient? What does the value indicate?
c) Find the coefficient of determination. What does this value indicate?
d)What is the linear regression model?
e)Predict the price of a hose with 2000 square feet
f)Predict the price of a house with 3000 square feet
g)What is the range of interpolation for prediction?
Solutions
Expert Solution
Dear student, we can answer only four subparts at a time, please help to upload other parts separately.
b)
The correlation coefficient comes out to be 0.76. It shows that the two variables are positively and strongly correlated.
c)
It comes out to be 0.58. It shows that the change in the house prices can be 58% explained by the area of the house.
d)
We will be applying the Linear regression model here, it can be done by using the function =LINEST(y_value, x_value, TRUE, TRUE) where y_values contain values of price here and x_values have area values.
Select 5 rows and 2 columns and then write the formula in the first cell and after that, press Shift + Ctrl + Enter.
The equation comes out to be -
Price = 98.25 + 0.11*Area
When area = 2000
Price = 98.25 + 0.11*2000 = 317.78 thousand dollars.
e)
When area = 3000
Price = 98.25 + 0.11*3000 = 427.6 thousand dollars.
orchestra answered 2 years agoRelated Solutions
Use the following data to answer the questions below:
Use the following data to answer the
questions below: Q
VC
MC
AVC
1
$10
___
___
2
16
___
___
3
20
___
___
4
25
___
___
5
31
___
___
6
38
___
___
7
46
___
___8
55
___
___9
65
___
___ a. Calculate the marginal cost and
average variable cost for each level of production.b. How much would the firm produce if
it could sell its product for...
Please answer all the questions. Thank you Use the following data to answer the questions below:...
Please answer all the questions. Thank you
Use the following data to answer the questions below:
Column 1
Column 2
Column 3
Y in $
C in $
0
500
500
850
1,000
1,200
1,500
1,550
2,000
1,900
2,500
2,250
3,000
2,600
What is mpc and mps? Compute mpc and mps.
Assume investment equals $ 100, government spending equals $
75, exports equal $ 50 and imports equal $ 35. Compute the
aggregate expenditure in column 3.
Draw a graph...
Use the chart of data below to answer the following questions. This data represents enrollment for...
Use the chart of data below to answer the following questions.
This data represents enrollment for the Fall semesters 2013 – 2017
years.
Part a: Is being part time dependent upon gender?
Part b: Is the probability of being a male student enrolled (or
female) dependent upon year?
Part c: Create a probability tree, with the appropriate
probabilities using the data from the table. Assume the tree is
showing the PT or FT probabilities given the gender of the
student....
QUESTION 1 1. Use the data below to answer the following questions: 11.5 12.9 13.5 15.2...
QUESTION 1 1. Use the data below to answer the following
questions:
11.5
12.9
13.5
15.2
10.8
12.6
13.8
13.1
14.5
12.9
1. Calculate the sum of squares
2. Calculate the SEM.
3. Calculate a 95% confidence interval: Xbar +/-
_________________. 1 points QUESTION 4 4. Calculate the 95% Lower
Limit (Xbar - CI) 1 points
5. Calculate the 95% Upper Confidence Limit (Xbar + 95% CI)
6. You have a set of 15 observations of 10th rib pork backfat...
Use the data below to answer the questions in this assignment. You will first need to...
Use the data below to answer the questions in this
assignment.
You will first need to enter the following data in SPSS with
“age” and “hours” as your variable names.
Age and Hours on Computer Data
Age (X): 24, 23, 23,25,27, 21,21,30,21,29
Number of hours on spent on computer per week (Y):
14,24,18,23,19,23,16,10,6,15
This question is only being used to describe the data set. In
the box below you only need to enter 0.
Run a correlation analysis in SPSS...
Use the financial data below from XYZ, Inc. to answer the questions below. Note that the...
Use the financial data below from XYZ, Inc. to answer the
questions below. Note that the reported figures are in thousands of
dollars:
2015 2014 Inventory $219,686.00 $241,154.00
Cost of Sales $54,661.00 $675,138.00
Net Income $31,185.00 $64,150.00
Tax Rate 37% 37%
Note 1: If the first-in, first-out (FIFO) method of accounting
for inventory had been used, inventory would have been
approximately $26.9 million and $25.1 million higher than reported
at 2015 and 2014, respectively. Required: What would the ending
inventory...
Use the table below to answer questions 1 and 2. Price Quantity Demanded Quantity Supplied $8...
Use the table below to answer questions 1 and 2.
Price Quantity Demanded Quantity Supplied
$8 200 1,000
$6 400 800
$4 600 600
$2 800 400
1. Setting a price floor of $8 would cause a market surplus in the
amount of:
a. 400 units. b. 500 units. c. 600 units. d. 800 units.
2. Setting a price ceiling of $2 would cause a market shortage in
the amount of:
a. 400 units. b. 500 units. c. 600 units....
Use the data below to answer the three questions that follow it. $/£ (USD/GBP) - Sport...
Use the data below to answer the three questions that follow it.
$/£ (USD/GBP) - Sport Rate is 1.2360 $/£ (USD/GBP) - 180-day
forward rate is 1.2300 $ interest rates are 0.25% (one quarter of a
percent or 25 basis points) £ (GBP) interest rates are 1.00%
If you could borrow either £ 10,000,000 or $ 10,000,000 how much
profit could you make from a covered interest arbitrage? Be sure to
state your answer in terms of USD or GPB.
Use the data in the table about Homer’s Donuts to answer the questions below: Number of...
Use the data in the table about Homer’s Donuts to answer the
questions below:
Number of workers
Total Output
Total Revenue
Value of the marginal product of labor
0
0
1
40
2
70
3
90
4
100
5
105
6
107
7
105
a. Complete the table assuming a price of
$1.00.
b. Assuming the price of donuts is $1.00, and the market wage is
$8 an hour, what is the maximum number of workers Homer will
hire?
__________________________...
Use the data in the table about Homer’s Donuts to answer the questions below: Number of...
Use the data in the table about Homer’s Donuts to answer the
questions below:
Number of workers
Total Output (per hour)
Total Revenue
Value of the marginal product of labor (per hour)
0
0
1
20
40
2
35
30
3
45
20
4
50
10
5
54
8
6
56
4
7
53
-6
a. Complete the table assuming a price of
$1.00.
b. Assuming the price of donuts is $1.00, and the market wage is
$8 an hour,...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella Co.,...
- Parallel Arrays This question is in MindTap Cengage Summary In this lab, you use what you...
- 5. You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella...
- JAVA Write a test program that prompts the user to enter a series of integers and...
- (2) Cite an example on how organizations like Google, Facebook, Youtube etc collect data for image...
- The legal landscape is perpetually changing. Psychologists must remain abreast of these changes to avoid potentially...
- We are evaluating a project that costs $1.68 million, has a six-year life, and has no...
ADVERTISEMENT