05 Jun Question Economics Chapter 6 1) Label as consistent or inconsistent. Consistent or Inconsistent? (worth 25 points total)
Question
Economics Chapter 6
1) Label as consistent or inconsistent. Consistent or Inconsistent? (worth 25 points total)
a) Yhat = 503 + .35X and r = -.75 ?
b) Yhat = 323 + .85X and r = .75 ?
c) Yhat = 123 – .15X and r = -.75 ?
d) Yhat = 578 – .67X and r = .75 ?
e) Yhat = 58 – .72X and r = -.15 ?
2) Consider the following data. X = Weekly Advertising expenditures and Y = Weekly Sales. (worth 24 points total)
Y X
1260 42
1390 55
1435 63
1435 55
1460 49
1310 47
1410 63
1520 62
1585 65
1660 72
a) Create the ANOVA table using Excel or Minitab.
b) What is the prediction equation? ?
c) What is your prediction of sales if you spend $50 on advertising?
d) Does the amount of advertising expenditures have any relationship to sales?
Briefly explain your answer.
3) You own a bookstore. You have records for the number of books sold and the number
of feet of shelf space used for those books. Use this information to answer
the questions below. (worth 24 points)
# of Books Sold Feet of Shelf Space
Week Y X
1 275 6.8
2 142 3.3
3 168 4.1
4 197 4.2
5 215 4.8
6 188 3.9
7 241 4.9
8 295 7.7
9 125 3.1
10 266 5.9
11 200 5
a) Is there a linear relationship between the number of books sold and the amount of shelf space?
b) Determine the least squares line that represents the relationship. ?
c) You received a new shipment of books. If you give them 4 feet of shelf space,how many books do you expect to sell?
d) You have 250 books to sell. You want to sell them all. How many feet of shelf space
should you allow in order to sell all 250.
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