Bivariate Data Values
Not what you're looking for?
Managers of an outdoor coffee stand in Coast City are examining the relationship between (hot) coffee sales and daily temperature, hoping to be able to predict a day's total coffee sales from the maximum temperature that day. The bivariate data values for the coffee sales (denoted by , in dollars) and the maximum temperature (denoted by , in degrees Fahrenheit) for each of sixteen randomly selected days during the past year are given below.
Temperature, x Coffee sales, y
(in degrees Fahrenheit) (in dollars)
51.2 2246.1
75.4 1946.6
67.9 1734.1
74.5 1668.3
57.3 1945.5
46.4 2152.9
44.9 1778.5
56.2 1642.5
45.9 1979.3
65.0 1795.6
71.7 1951.4
53.8 1824.7
75.0 1524.6
39.1 2236.8
81.7 1547.0
38.5 1959.4
The least-squares regression line for these data has a slope of approximately . Answer the following. Carry your intermediate computations to at least four decimal places, and round your answers as specified below.
1. What is the value of the y-intercept of the least-squares regression line for these data? Round your answer to at least two decimal places.
2. What is the value of the sample correlation coefficient for these data? Round your answer to at least three decimal places.
Purchase this Solution
Solution Summary
Managers of an outdoor coffee stand in Coast City are examining the relationship between (hot) coffee sales and daily temperature, hoping to be able to predict a day's total coffee sales from the maximum temperature that day. The bivariate data values for the coffee sales (denoted by , in dollars) and the maximum temperature (denoted by , in degrees Fahrenheit) for each of sixteen randomly selected days during the past year are given below.
Temperature, x Coffee sales, y
(in degrees Fahrenheit) (in dollars)
51.2 2246.1
75.4 1946.6
67.9 1734.1
74.5 1668.3
57.3 1945.5
46.4 2152.9
44.9 1778.5
56.2 1642.5
45.9 1979.3
65.0 1795.6
71.7 1951.4
53.8 1824.7
75.0 1524.6
39.1 2236.8
81.7 1547.0
38.5 1959.4
The least-squares regression line for these data has a slope of approximately . Answer the following. Carry your intermediate computations to at least four decimal places, and round your answers as specified below.
1. What is the value of the y-intercept of the least-squares regression line for these data? Round your answer to at least two decimal places.
2. What is the value of the sample correlation coefficient for these data? Round your answer to at least three decimal places
Solution Preview
Because,
<br><br><X> = 59.03
<br><br><Y> = 1870.83
<br><br>Sx^2 = Sum of Sq. of X - n*<X>^2 = 3001.03
<br><br>Sy^2 = ...
Education
- BEng, Allahabad University, India
- MSc , Pune University, India
- PhD (IP), Pune University, India
Recent Feedback
- " In question 2, you incorrectly add in the $3.00 dividend that was just paid to determine the value of the stock price using the dividend discount model. In question 4 response, it should have also been recognized that dividend discount models are not useful if any of the parameters used in the model are inaccurate. "
- "feedback: fail to recognize the operating cash flow will not begin until the end of year 3."
- "Answer was correct"
- "Great thanks"
- "Perfect solution..thank you"
Purchase this Solution
Free BrainMass Quizzes
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.