Assume you have noted the following prices for books and the number of pages that each...

Assume you have noted the following prices for books and the number of pages that each book contains.

Book	Pages (x)	Price (y)
A	500	$7.00
B	700	7.50
C	750	9.00
D	590	6.50
E	540	7.50
F	650	7.00
G	480	4.50

Required:

a.	Perform an F test and determine if the price and the number of pages of the books are related. Let a = 0.01.
b.	Perform a t test and determine if the price and the number of pages of the books are related. Let a = 0.01.
c.	Develop a 90% confidence interval for estimating the average price of books that contain 800 pages.
d.	Develop a 90% confidence interval to estimate the price of a specific book that has 800 pages.

Solutions

Expert Solution

a.	Perform an F test and determine if the price and the number of pages of the books are related. Let a = 0.01. Ans: F-test statistic and corresponding P-value are 6.44 and 0.052 respectively. This p-value is greater than a=0.01. Hence, we can conclude that the price and the number of pages of the books are not related.
b.	Perform a t test and determine if the price and the number of pages of the books are related. Let a = 0.01. Ans: F-test statistic and corresponding P-value are 2.54 and 0.052 respectively. This p-value is greater than a=0.01. Hence, we can conclude that the price and the number of pages of the books are not related.
c.	Develop a 90% confidence interval for estimating the average price of books that contain 800 pages. Ans: The 90% confidence interval for estimating the average price of books that contain 800 pages is (8.967, 10.700).
d.	Develop a 90% confidence interval to estimate the price of a specific book that has 800 pages. Ans: 90% confidence interval to estimate the price of a specific book that has 800 pages is (8.967, 11.59).

orchestra answered 1 year ago

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