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Homework answers / question archive / Name ______________________ Business Statistics Free Response Questions #10: for Chapter 4 Worth 10 points
Name ______________________ Business Statistics Free Response Questions #10: for Chapter 4 Worth 10 points. Directions: You can either type out answers to these questions then submit a word document or pdf (please no GoogleDoc sharing links or Apple pages files) or you can write out your answer by hand and take a photo (try to avoid HEIC image format, please) or scan the sheet of paper. PLEASE make sure you hand in something that is aligned correctly (not sideways) and clear enough for me to read. 1. Disk drives have been getting larger. Their capacity is now often given in terabytes (TB) where 1 TB=1000 1 gigabytes, or about a trillion bytes. A survey of prices for external disk drives found the following data: a) Create a scatterplot of Price against Capacity. Give the StatCrunch plot here. **Make sure you provide images or screenshots of your StatCrunch output, you will lose points if you don’t. b) What can you say about the direction of the association? c) What can you say about the form of the relationship? d) What can you say about the strength of the relationship? e) Does the scatterplot show any outliers? Capacity (in TB) Price (in $) 0.250 45.00 0.300 39.90 0.450 49.95 0.520 54.95 1 10.00 2.7 115.00 3.9 150.00 4.5 345.00 2. A company that relies on location-based advertising linked to where someone is accessing the internet wants to understand the relationship between the amount it spends on this advertising and revenue (in $). a) Which variable is the explanatory or predictor variable? b) Which variable is the response variable? c) Which variable would you plot on the x-axis? 3. A linear model to predict the Price of a used 2014 Subaru XV Crosstrek (in $) from its Mileage (in miles) was fit to 25 vehicles that were available during the week of March 1, 2016 within 200 miles of Chicago, Illinois. The model was: ?????????? ? = 19,243.50 − 0.12305 Mileage. a) What is the explanatory variable? b) What is the response variable? c) What does the slope mean in this context? d) What does the y-intercept mean in this context? Is it meaningful? e) What do you predict the price to be for a vehicle with 40,000 miles on it? f) If the price for a vehicle with 40,000 miles on it was selling for $15,000, what would the residual be? g) Would that vehicle for $15,000 and 40,000 miles seem like a good deal or a bad deal? Explain. 4. Is there a relationship between amount of people unemployed in the US (in thousands) and the Gross National Product (GNP, in thousands of dollarss)? Use the following data to answer these questions. Use StatCrunch outputs for this. **Make sure you provide images or screenshots of your StatCrunch output, you will lose points if you don’t. a) Find the equation of the regression line. b) What is the slope and how do you interpret it? c) What is the intercept? Is it meaningful? d) Find the correlation coefficient, r as well as R2 . e) Please interpret r and R2 . What do these mean about the relationship? Year Unemployed GNP 1947 2,356 234,289 1948 2,325 259,426 1949 3,682 258,054 1950 3,351 284,599 1951 2,099 328,975 1952 1,932 346,999 1953 1,870 365,385 1954 3,578 363,112 1955 2,904 397,469 1956 2,822 419,180 1957 2,936 442,769 1958 4,681 444,546 1959 3,813 482,704 1960 3,931 502,601 1961 4,806 518,173 1962 4,007 554,894
