Discuss the below:
Q1: (a) Make an Excel scatter plot. What does it suggest about the population correlation between X and Y?
Part-Time Weekly Earnings ($) by College Students WeekPay
Hours Worked (X) Weekly Pay (Y)
10 93
15 171
20 204
20 156
35 261
Q2: (a)Make an Excel scatter plot. What does it suggest about the population correlation between X and Y? (Add the equation to the chart)
Data Set Telephone Hold Time (min.) for Concert Tickets CallWait
Operators (X) Wait Time (Y)
4 385
5 335
6 383
7 344
8 288
Q3: (a) Interpret the slope of the fitted regression HomePrice = 125,000 + 150 SquareFeet. (b) What is the prediction for HomePrice if SquareFeet = 2,000? (c) Would the intercept be meaningful if this regression applies to home sales in a certain subdivision?
Q4: Choose one of these three data sets. (a) Make a scatter plot. (b) Let Excel estimate the regression line, with fitted equation and R2. (c) Describe the fit of the regression.
Commercial Real Estate (X = assessed value, $000; Y = floor space, sq. ft.)
Assessed Size
1,796 4,790
1,544 4,720
2,094 5,940
1,968 5,720
1,567 3,660
1,878 5,000
949 2,990
910 2,610
1,774 5,650
1,187 3,570
1,113 2,930
671 1,280
1,678 4,880
710 1,620
678 1,820