Question

In: Statistics and Probability

The following data give the average price received by fishermen for several species of fish in...

The following data give the average price received by fishermen for several species of fish in 2000 and 2010. The price is in cents per pound.

Fish Year 2000 Price (x) Year 2010 Price (y)
COD 13.1 29.0
FLOUNDER 15.3 28.4
HADDOCK 25.8 71.5
MENHADEN 1.8 -3.5
PERCH 4.9 8.2
CHINOOK 55.4 152.8
COHO 39.3 108.6
ALBACORE 26.7 87.3
SOFT SHELLED CLAMS 47.5 147.0
LOBSTERS AMERICAN 94.7 284.8
SEA SCALLOPS 135.6 373.0
SHRIMP 47.6 131.4


  1. Create a regression equation for the data.

    ˆy= (Round to 2 decimal places)
  2. What is the correlation coefficient between the 2000 and 2010 prices?

    _____(Round to 2 decimal places.)
  3. If a type of fish was 41.3 cents per pound in 2000, how much would you expect to pay for it in 2010?

    _____¢ per lbs (Round to 1 decimal places.)

Solutions

Expert Solution


Related Solutions

The following data give the average price received by fishermen for several species of fish in...
The following data give the average price received by fishermen for several species of fish in 2000 and 2010. The price is in cents per pound. Fish Year 2000 Price (x) Year 2010 Price (y) COD 13.1 129.5 FLOUNDER 15.3 112.2 HADDOCK 25.8 101.5 MENHADEN 1.8 26.3 PERCH 4.9 33.2 CHINOOK 55.4 244.8 COHO 39.3 118.8 ALBACORE 26.7 89.4 SOFT SHELLED CLAMS 47.5 227.5 LOBSTERS AMERICAN 94.7 317.5 SEA SCALLOPS 135.6 397.6 SHRIMP 47.6 198.0 Create a regression equation for...
The following data give the average price received by fishermen for several species of fish in...
The following data give the average price received by fishermen for several species of fish in 2000 and 2010. The price is in cents per pound. Fish Year 2000 Price (x) Year 2010 Price (y) COD 13.1 56.0 FLOUNDER 15.3 166.7 HADDOCK 25.8 105.5 MENHADEN 1.8 41.3 PERCH 4.9 104.2 CHINOOK 55.4 236.8 COHO 39.3 135.6 ALBACORE 26.7 84.6 SOFT SHELLED CLAMS 47.5 222.6 LOBSTERS AMERICAN 94.7 374.7 SEA SCALLOPS 135.6 432.6 SHRIMP 47.6 225.4 Create a regression equation for...
The following table shows data on the average number of customers processed by several bank service...
The following table shows data on the average number of customers processed by several bank service units each day. The hourly wage rate is $15, the overhead rate is 1.2 times labor cost, and material cost is $4 per customer. Unit Employees Customers Processed / Day A 5 38 B 6 46 C 7 61 D 3 33 a. Compute the labor productivity and the multifactor productivity for each unit. Use an eight-hour day for multifactor productivity.(Round your "Labor Productivity"...
QUESTION 14 If the price received by a producer is less than average variable cost in...
QUESTION 14 If the price received by a producer is less than average variable cost in the short run, then the firm A. is earning zero economic profits B. is earning positive economic profits C. should continue to produce in the short run D. should shut down immediately 5 points    QUESTION 15 The short-run price elasticity of demand for gasoline in the US is roughly equal to -0.25, which tells us that A. the short-run demand for gasoline is...
The following data give the selling price and square footage of houses that have sold in...
The following data give the selling price and square footage of houses that have sold in Bend, OR in the past 6 months. Selling Price ($) Square Footage 84,000 1,670 79,000 1,339 91,500 1,712 120,000 1,840 127,500 2,300 132,500 2,234 145,000 2,311 164,000 2,377 155,000 2,736 168,000 2,500 172,500 2,500 174,000 2,479 175,000 2,400 177,500 3,124 184,000 2,500 195,500 4,062 195,000 2,854 Graph the data to see whether a linear equation might describe the relationship between selling price and the...
Isabella gathered data on the average percentage of tips received by waitstaff in 31 restaurants in...
Isabella gathered data on the average percentage of tips received by waitstaff in 31 restaurants in New York City. She works through the testing procedure: H0:μ=14%; Ha:μ≠14% α=0.1 (significance level) The test statistic is t0=x¯−μ0sn√=1.489. The critical values are ±t0.05=±1.697. Conclude whether to reject or not reject H0. Select two responses below. Select all that apply: Reject H0. Fail to reject H0. The test statistic falls within the rejection region. The test statistic is not in the rejection region.
The following is average weekly per pound price data for apple pears in the US (from...
The following is average weekly per pound price data for apple pears in the US (from usda.gov) starting May. Your employer wants you to determine forecasted average weekly price for all the weeks starting in May. Week of (2019 Calendar Year) Actual ($/lb) Naïve Previous Period ($/lb) Moving Average ($/lb) Weighted Moving Average ($/lb) Exponential Smoothing ($/lb) May 6 1.72 May 13 2.43 May 20 2.99 May 27 1.72 June 3 1.59 June 10 3.50 June 17 3.50 June 24...
The following data give the selling price, square footage, number of bedrooms, and age of houses...
The following data give the selling price, square footage, number of bedrooms, and age of houses that have sold in a neighborhood in the past 6 months. Develop three regression models to predict the selling price based upon each of the other factors individually. Which of these is best? use 1 for yes and 0 for no develop a regression model to predict selling price based on the square footage and number of bedrooms. Use this to predict the selling...
The following data give the selling price, square footage, number of bedrooms, and age of houses...
The following data give the selling price, square footage, number of bedrooms, and age of houses that have sold in a neighborhood in the past 6 months. Develop three regression models to predict the selling price based upon each of the other factors individually. Which of these is best? Selling Price Square Footage Bedrooms Age (Years) 84000 1670 2 30 79000 1339 2 25 91500 1712 3 30 120000 1840 3 40 127500 2300 3 18 132500 2234 3 30...
give the following data for stock prices and 5-day moving average. what is the closing stock...
give the following data for stock prices and 5-day moving average. what is the closing stock price on april 16th? date price close 5 day MA 4/17/2018 $20.35 $ 20.240 4/18/2018 $20.03 $20.280 4/19/2018 $20.89 $20.462 4/20/2018 $21.13 $20.636
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT