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Experiences With How Students Have Difficulty in Applying Statistical Thinking Tom Jones

Experiences With How Students Have Difficulty in Applying Statistical Thinking Tom Jones University of Arkansas. Consider the regression model expressed as sales = 28 − 1.7 price

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Experiences With How Students Have Difficulty in Applying Statistical Thinking Tom Jones

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  1. Experiences With How Students Have Difficulty in Applying Statistical Thinking Tom Jones University of Arkansas

  2. Consider the regression model expressed as sales = 28 −1.7 price where ‘sales’ represents the number of ceramic Buddha figurines sold per month and ‘price’ is the cost of this figurine expressed in hundreds of dollars. The forecast of the number of ceramic Buddha figurines sold per month is __________ when the cost is $200. Answer: 24.6 on average (not −312)

  3. What does the figure below indicate about the relationship between the independent variable ‘Market’ and the dependent variable ‘Number of Scooters Sold’?

  4. What does the figure below indicate about the relationship between the independent variable ‘Market’ and the dependent variable ‘Number of Scooters Sold’?

  5. What does the figure below indicate about the relationship between the independent variable ‘Market’ and the dependent variable ‘Number of Scooters Sold’?

  6. The manager of a horse racetrack wants to determine if the temperature at race time (in degrees Fahrenheit) on the opening day of the season can be used to estimate the opening day attendance. The data for 23 years appear below.

  7. The owner of Talladega Auto Mall, Ms. Claudette Romero, wants to estimate the number of sports cars the company will sell per month. She has hired you to write a report which provides a linear multiple regression model to forecast the number of sports cars sold per month and to calculate a sales forecast for December 2013. The variable descriptions and variable names appear in Table 1.

  8. As shown in Table 2, the final linear regression model includes the independent variables ‘TV’, ‘People’, ‘Discount’, and ‘Promo’ at the 10% significance level. The equation of the linear multiple regression model is: Cars = 0.632 + 0.367 TV + 1.002 People + 0.00437 Discount + 10.488 Promo

  9. Considering the assumptions in Table 3, determine a forecast for December. Cars = 0.632 + 0.367 TV + 1.002 People + 0.00437 Discount + 10.488 Promo Using values of 18 (i.e., $18,000) for ‘TV’, 3.4 for ‘People’, 2000 for ‘Discount’, and 1 (i.e., Yes) for ‘Promo’, __________ sports cars are forecast to be sold in December. Answer: 29 or 30 (not 6,629 or $6,629.27)

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