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HW 3 solution

How much profit are you expected to earn per contact

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Suppose each unit sold results in a profit of $100. How much profit are you expected to earn per contact ? (Think about what the profit equation is for any business scenario.) Use proper units. ANS_______3500$_______ ___ TF/MC. IN ORDER TO LEARN THE MOST FROM THIS ASSIGNMENT AND PREPARE FOR THE MIDTERM, IF YOU ARE HAVING PROBLEMS WITH ANY OF THESE QUESTIONS BELOW, PLEASE REVIEW YOUR LECTURE NOTES FIRST, BEFORE ASKING SOMEONE ELSE. ALL THE INFO YOU NEED IS IN YOUR NOTES FOR THESE QUESTIONS. IF YOU ARE STILL STUCK PLEASE ASK YOUR TA OR LECTURER FOR HELP. 4. If the residual plot shows a perfect straight line (not horizontal) then the regression line fits the data well. a. TRUE b. FALSE 5. Any point with a large residual is an influential point. a. TRUE b. FALSE 6. If you switch X and Y the slope of the regression line stays the same. a. TRUE b. FALSE 7. If the correlation between X and Y is one, then the slope of the regression line must be one. a. TRUE b. FALSE 8. R-squared (r 2 ) is the percentage of the time that the data points lie on the regression line. a. TRUE b. FALSE 9. To find the correlation between X and Y, you can just take the square root of R-squared. a. TRUE b. FALSE
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10. The equation of the regression line is resistant to outliers. a. TRUE b. FALSE
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