CSN - ECON 261 - PROBLEM SET #3 TEST

CSN - ECON 261 - PROBLEM SET #3 TEST - (WESTCHARLESTON...

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PRINCIPLES OF STATISTICS I (WEST CHARLESTON)  ECON 261  PROBLEM SET  #3  Answer  Questions  Using  Hand  calculations,  Excel  Commands  and  Chart  Options  (xy  Scatter)  as  Applicable  Print  and  submit  hand  calculations,  Excel  output  and  graphs  as  applicable  1  Executives  of  vid eo  rental chain  want  to  pred ict  the success  of  a potential new store The  company's  economist  begins  by  gathering  sample  information on the  number  of  video rentals  (Y)  and average  family income  (X)  for  twelve  stores.  Average  Family  Income  Number  of  ($000's)  Video  Rentals  Store  $65  710  43  529  29  314  47  504  52  619  50  428  46  317  29  205  31  468  10  43  545  11  49  607  12  64  694  (a)  Construct  a scatterplot utilizing  average  family income (X)  and  number  of  video rentals  (Y) Note The  average  family income variable  (X)  should be  on  the  horizontal  axis Use Excel  (XV  Scatter)  to  construct  the  scatterplot Provide  brief  evaluation/interpretation  of  the  scatterplot.  2  See Moore,  Chapter  4 Question 4 . (Pa ge  104)  Use  Excel  (XV  Scatter)  to  construct  the  scatterplot Provide  brief  evaluation/interpretation  of  the  scatterplot.  3  Sales  of  major  appliances  vary with the  new  housing market:  when  new  home  sales  are  good, so  are  the sales  of  dishwashers, washing  machines dryers and  refrigerators A trade association  compiled  the  following historical  data  (in thousands  of  units) on major appliance  sales  (Y)  and housing starts  (X) Housing Starts  ru  2 . 2 . 3 . 3 . 3 .
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