Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

A market research firm is interested in assessing whether there is the relationship between age and consumption patterns of particular product. They sample 15 individuals and ask their age and amount they spent on that product in previous year. The figures are as follows:

Individual

Age

Amount spent

1

25

68

2

47

46

3

58

31

4

37

56

5

59

35

6

21

81

7

55

45

8

43

38

9

47

42

10

24

68

11

61

28

12

55

18

13

29

65

14

50

31

15

39

55

Required

  1. Compute Pearson's correlation coefficient between age and amount spent on this specific product.
  2. Test this correlation for statistical significance (at a 5% significance level).
  3. Estimate the linear regression to analyze the relationship between age and amount spent on this product.
  4. If an individual was 40 years old, what would you predict his or her amount spent on this product to be for previous year?
  5. Comment on any potential problems there may be with this regression.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M918020

Have any Question? 


Related Questions in Statistics and Probability

The mathematics faculty at a college consists of 6

The mathematics faculty at a college consists of 6 professors, 9 associate professors, 7 assistant professors, and 12 instructors. If one faculty member is randomly selected, find the probability of choosing a professor ...

Suppose that a certain college class contains 49 students

Suppose that a certain college class contains 49 students. Of these, 24 are seniors, 26 are English majors, and 9 are neither. A student is selected at random from the class. (a) What is the  probability  that the studen ...

Otto is trying out for the javelin throw to compete in the

Otto is trying out for the javelin throw to compete in the Olympics. The lengths of his javelin throws are normally distributed with a mean of 310 feet and a standard deviation of 13 feet. What is the probability that th ...

The manager of the cheesecake factory in boston reports

The manager of The Cheesecake Factory in Boston reports that on six randomly selected weekdays, the number of customers served was 120, 130, 100, 205, 185, and 220. She believes that the number of customers served on wee ...

A new process is proposed for the manufacture of steel

A new process is proposed for the manufacture of steel shafts, Data are 6.38, 6.40, 6.41, 6.38, 6.39, 6.36 and 6.37. Target is 6.40. a. What is the expected loss? b. What is the standard deviation?

Questions1 the following results were observed in a

QUESTIONS: 1. The following results were observed in a prospective study of the drug Viagra (based on data from Pfizer Inc.)  Use the data to answer the following questions:   Viagra Treatment Placebo Headache 117 29 No ...

Jolie takes 45 minutes to do her statistics homework if the

Jolie takes 45 minutes to do her statistics homework. If the mean is 38 minutes and the standard deviation is 3, calculate Jolie's z score. Once calculated, interpret your findings in terms of Jolie's performance.

Is there any difference between the proportion of americans

Is there any difference between the proportion of Americans who wish they were rich and the proportion of Canadians who wish they were rich? A random sample of 1,000 Americans showed that 550 wish they were rich, while a ...

In the unit 4 discussion you were asked to create a

In the Unit 4 Discussion you were asked to create a research question and then convert that question into a null hypothesis and alternative hypothesis. You also determined if your alternative is one-tailed or two-tailed. ...

Scenario dr olson is interested in the effects of three

Scenario: Dr. Olson is interested in the effects of three different methods for losing weight in long-distance truck-drivers. He tested a sample of 60 truck drivers. Participants were randomly assigned to one of three gr ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen