Match each example to the type of bias that would result

Concert Nation] Concert Nation, INC. is a nationwide promoter of rock concerts. The president of
the company wants to develop a model to estimate the revenue of a major concert event at large venues
(such as Ford Field, Madison Square Gardens) for planning marketing strategies. The company has
collected revenue data of 32 recent large concert events. For each concert, they have also recorded the
attendance, the number of concession stands in the venue, and the Billboard chart of the artist in the
week of each event. This data is available in “Tickets”. They have two potential models that could
explain the revenue. The two competing models are:

Model A: ??????? = ?? + ???????????? + ???????????? + ??????????? + ?0123?

Model B: ??????? = ?? + ???????????? + ??????????? + ?012?

Run regression on both models. Use only the regression outputs of the two models and the original data
to answer questions 1 to 7 below.
1. [1 pt] Let’s consider the model A first. What does the result of F-test indicate?
(a) The p-value of F-test is 100.83. Thus, the model does not significantly explain the revenue.
(b) The p-value of F-test is close to zero. Thus, all independent variables in the regression model are
statistically significant.
(c) The p-value of F-test is close to zero. This indicates that at least some independent variables in the
regression model significantly explain the revenue.
(d) This indicates weak evidence of a linear relationship, because the p-value is very low.
2
2. [1 pt] If we use model A for prediction, what is the point estimate for the revenue of a concert that has
attendance of 50,000 people, 5 concession stands, and the song ranked in no. 15 in the Billboard ranking?
(a) $3.145 M
(b) $2.851 M
(c) $3.252 M
(d) $340K
3. [1 pt] What is an approximate 95% prediction interval for the concert listed in the previous question?
(a) [$2.757M, $3.533M]
(b) [$2.463M, $3.239M]
(c) [$2.368M, $3.922M]
(d) [$2.074M, $3.628M]
4. [1 pt] Which of the following statement is correct?
(a) The estimated slope for the attendance is only $59.2. This means that, when keeping everything
else the same, the revenue does not depend much on the attendance.
(b) The t-statistic associated with the slope for the attendance variable is 16.9. This means that there is
too much noise to determine if the slope is definitely positive.
(c) The p-value for the concession variable is 0.933. This means that the number of concession stands
is not a statistically significant variable to determine the revenue.
(d) The p-value for the concession variable is 0.933. This means that the number of concession stands
is a statistically significant variable to determine the revenue.
5. [1 pt] Is it appropriate to use model A as a final model to estimate the revenue of a concert?
(a) Yes. All independent variables are statistically significant.
(b) Yes, because the analysis indicates a linear relationship between revenue and attendance.
(c) No, because not all independent variables are statistically important. Thus, revision is necessary.
(d) No, because some of the slopes were negative. Thus, revision is necessary.
3
6. [1 pt] Now, consider model B. According to model B, what is a point estimate for a concert that has
attendance of 50000 people, 5 concession stands, and the song ranked in no. 15 in the Billboard ranking?
(a) $3.147M
(b) $2.839M
(c) $7.139M
(d) $13.637M
7. [1 pt] Based on the regression outputs, which model would you consider more suitable for predicting the
revenue between the two models– Model A and Model B?
(a) Model A is more suitable, because it has a higher ?2, lower standard error of the estimates
(??), and lower F-test p-value.
(b) Model A is more suitable because the fraction of SST accounted for by the residuals is higher than
for model B.
(c) Model B is more suitable, because, while both models have similar ?2 and F-test p-value, model B
has lower standard error of the estimates (??) and all independent variables are statistically
significant.
(d) Model B is more suitable, because the slope coefficient is larger in magnitude.

1. An experiment consists of drawing two marbles from a box containing red, yellow, and green marbles. One event in the sample space is RR. What are all of the events in the sample space? (Note: order matters) (3)

2. In a certain large population, 46% of households have a total annual income of over $70,000. A simple random sample is taken of four of these households. What is the probability that more than 2 of the households in the survey have an annual income of over $70,000?                                                                (8)

3. Which would you expect to have a higher standard deviation: data scores that are spread out or data scores that are close together?   
4. In a survey of U.S. households, 588 had home computers while 722 did not. Use this sample to estimate the probability of a household having a home computer.

1. Home Security Systems is studying the time utilization of its sales force. A random sample of 40 sales calls showed that the representatives spend an average of ẍ = 44 minutes on the road with a standard deviation of s = 6 minutes for each sales call.

1. Create a line showing the mean and values for 4 standard deviations above and 4 standard deviations below the mean.                                                                                                                                                (2)

2. Use Chebyshev’s Theorem to find the values between which we can expect at least 89% of the data to fall.                                                                                                                                                                       (2)

3. At least what percent of the data can we expect to fall between 38 and 50 minutes using the Empirical Rule?                                                                                                                                                        (2)

A psychologist studied the number of puzzles subjects were able to solve in a five-minute period while listening to soothing music. Let X be the number of puzzles completed successfully by a subject. The psychologist found that X had a distribution where the possible values of X are 1, 2, 3, 4 with the corresponding probabilities of 0.2, 0.4, 0.3, and 0.1. Use this information to answer questions 20-23 below.

2. Does the above data form a probability distribution? Create the distribution and explain why or why not.(5)

3. Using the above data, what is the probability that a randomly chosen subject completes at least three puzzles in the five-minute period while listening to soothing music?                                                                   (2)

4. Using the above data, the mean µ of X is what? Show work.                                                                             (3)
5. Using the above data (on previous page), the standard deviation σ of X is what? Show work.                      (4)

1. Why would we use the 10-90 percentile range?                                                                                                  +2

2. A data set has a range of 348. Use the range rule of thumb to determine the standard deviation.        +1

A batch of 26 light bulbs includes 5 that are defective. Two light bulbs are randomly selected. If the random variable, X, represents the number of defective light bulbs which can be selected, what values can X have?                

Exercise 16-44 Comprehensive Cost Variance Analysis (LO 16-5, 6)

NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last year’s services:

NSF Lube performed 467,700 oil changes last year. It had budgeted 435,000 oil changes, averaging 8 minutes each.

Standard variable labor and support costs per oil change were as follows:

Direct oil specialist services: 8 minutes at $30 per hour $ 4.00

Variable support staff and overhead: 10.5 minutes at $20 per hour 3.5

Fixed overhead costs: Annual budget $1,039,000

Fixed overhead is applied at the rate of $3.90 per oil change.

Actual oil change costs:

Direct oil specialist services: 467,700 changes averaging 11 minutes at $34 per hour $ 2,915,330

Variable support staff and overhead: 0.22 labor-hours at $15 per hour × 467,700 changes 1,543,410

Fixed overhead 1,425,000

a. Prepare a cost variance analysis for each variable cost for last year.

b. Prepare a fixed overhead cost variance analysis

I know the answer for b is:

Price Variance: $386,000 U

Production Volume Variance: $785,030 F

Fixed Overhead Cost Variance: $399,030 F

......But I can't figure out A: how to get the Price Variance, Efficiency Variance or the total variance for both the oil specialist and the variable overhead.

Any help would be appreciated.

The marketing division of Family FunTime Mini Golf is wanting to gather information about the spending habits of its visitors. It polls visitors as they leave and gathers information about the amount of money spent at the course. A sample with 40 families and the amounts they spent can be found in the Excel table I have provided below. Please answer all questions using complete sentences.

1. Using Excel’s PivotTable feature, organize the data into a frequency distribution, using 7 classes and 15 as the lower limit of the first class. Copy your table below. (You can do a straight copy/paste from Excel, it will transfer the table over.) What class interval did you need to select? Explain.
2. Where do the data tend to cluster? Describe the distribution in the context of the problem.
3. Determine the relative frequency distribution using your PivotTable in Excel. Copy your table below.
4. Determine the cumulative percent frequency distribution using your PivotTable in Excel. Copy your table below.

The marketing division of Family FunTime Mini Golf is wanting to gather information about the spending habits of its visitors. It polls visitors as they leave and gathers information about the amount of money spent at the course. A sample with 40 families and the amounts they spent can be found in the Excel table I have provided below. Please answer all questions using complete sentences.

1. Using Excel’s PivotTable feature, organize the data into a frequency distribution, using 7 classes and 15 as the lower limit of the first class. Copy your table below. (You can do a straight copy/paste from Excel, it will transfer the table over.) What class interval did you need to select? Explain.
2. Where do the data tend to cluster? Describe the distribution in the context of the problem.
3. Determine the relative frequency distribution using your PivotTable in Excel. Copy your table below.

4. Determine the cumulative percent frequency distribution using your PivotTable in Excel. Copy your table below.

MATCH the number with the correct letter:

31. Austropithecus afraensis

32. Homo habilis

33. Homo erectus

34. Homo sapiens

35. Cro-Magnon Man

36. Africa

37. Migration

38. Skull

39. Bipedalism

40. Arboreal

a. The ability and habit of living in trees

b. Feature evolved to hold a bigger brain

c. Location of human origins

d. The most recent species of humans

e. Likely 1st humanoid to use stone tools

f. Lucy was one of this species

g. Use of lower limbs for locomotion

h. The movement from Africa to Europe

i. Responsible for Cave Drawings, Art

j. Examples are Peking Man and Java Man

agree or not?

Wealthy countries have spent more than $ 9 trillion on overcoming the economic impact of COVID-19. And costs are currently increasing as governments try to ensure the functioning of the economy after a pandemic. The damage done can go beyond the financial crisis and possibly even the Great Depression. This is the worst economic crisis in 70 years. Now investors are rushing to a safe place. 11-year growth in US stock markets has ended. And there is one reliable harbor that everyone is counting on, and that is not gold. This is the dollar. Despite all the talk that the dollar will lose its reserve currency status, it turned out to be just that, talk Emerging markets suffered a major blow to the dollar. The Indonesian rupee has lost nearly 14 percent of its value since the beginning of the year. The Russian ruble and the Mexican peso lost a fifth of their value. The problem for emerging markets is that they may want to lower interest rates to stimulate the coronavirus-affected economy, but it will further undermine their currencies. And interest payments on dollar debts have just grown, having unbalanced finances. The pound fell more than 10 percent, the level that was last seen in 1985. The United Kingdom’s divorce from the European Union violated the stability of the pound, which is believed to have been tied to the fate of the continent. The best currency is the Argentine peso, the best in the sense that it fell the least compared to other Latin American countries. The fact that he introduced capital controls restricts cash flows from the country to overcome the economic crisis certainly helped. The dollar has been the leading currency in the world for more than a century. Today, more than 60 percent of all foreign bank reserves and 40 percent of all debts are held in US dollars.