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hw_3-fall07

# hw_3-fall07 - BUAD 310 Fall 2007 Dr Arif Ansari Topics...

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BUAD 310 - Fall 2007 - Dr. Arif Ansari Topics Covered – Regression Homework # 3 - 100 points (Due date 11/07/2007- Monday) For Home Work 3, Turn in Question 1(25 points), Parts (a)-(e), Question 2 (20+40, 20 points for Minitab printouts 40 points for (d) - (k) questions) and Question 3 (15 points). No need to turn in Question 4. 1. An economist was interested in studying the relationship between the way families spend their tax refunds and the size of their incomes. Thus he took a sample of ten families and look at X = annual family income in thousands, and Y = the percentage of the refund spent within three months of their receipt. Family income in thousands of \$ Percentage of refund spent is in % Family Income % Refund spent in 3 months X Y X^2 Y^2 X*Y 1 63 20 3969 400 1260 2 68 18 4624 324 1224 3 59 25 3481 625 1475 4 75 11 5625 121 825 5 86 8 7396 64 688 6 69 14 4761 196 966 7 78 10 6084 100 780 8 99 8 9801 64 792 9 45 30 2025 900 1350 10 78 11 6084 121 858 Total 720 155 53850 2915 10218 a. Write the Population Regression Equation. b. What is the estimated regression equation? c. Calculate the linear relationship between Advertising and Sales (use printout given above), Explain β 0, β 1, also provide the units of slope and y-intercept. Does β 0, β 1 make sense? d. If the Family income is \$ 80,000, what will the % refund spent (Provide Units), do you have any concerns, explain? e. If the Family income is \$ 180,000, what will the % refund spent (Provide Units), do you have any concerns, explain? f. For what range of x-value is the regression equation valid? g. What is extrapolation? 1

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2. Input question one data into Minitab and get the printout , the printout should look similar to this.
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hw_3-fall07 - BUAD 310 Fall 2007 Dr Arif Ansari Topics...

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