Question 1. y 140 120 80 100 130 90 110 120 130 130 100 | Business & Finance homework help

Question 1.

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y

140

120

80

100

130

90

110

120

130

130

100

x

5

3

2

4

5

4

4

5

6

5

4

a.  Develop a scatter plot for these data and describe what if any relationship exists.

b.  Compute the correlation coefficient.  Test to determine the significance level of 0.05.  Conduct the hypothesis test using the p-value approach.  Compute the regression equation based on these sample data and interpret the regression coefficients.

c.  Test the significance of the overall regression model using a significance level equal to 0.05.

Question 2.

The Collington City Council recently commissioned a study of park users in their community.  Data were collected on the age of the person surveyed and the amount of hours he or she spent in the park in the past month.  The data collected were as follows.

Time in Park

Age

Time in Park

Age

7.2

16

4.4

48

3.5

15

8.8

18

6.6

28

4.9

24

5.4

16

5.1

33

1.5

29

1

56

2.3

38

   

a.  Draw a scatter plot for these data and discuss what if any relationship appears to be present between two variables.

b.  Compute the correlation coefficient between age and the amount of time spent in the park.  Provide an explanation to the Collington City Council of what the correlation measures.

c.  Test to determine whether the amount of time spent in the park decreases with the increases in the age of the park user.  Use a significance level of 0.10.  Use a p-value approach to conduct this hypothesis test.

Question 3.

Describe the difference between interpolation and extrapolation. Explain, in your own words, this difference and provide a real-life example of this difference.

 

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