The next two questions refer to the following data: The cost of a leading liquid laundry detergent in different sizes is given below.
Size (ounces)
Cost ($)
Cost per ounce
16
3.99
32
4.99
64
5.99
200
10.99
Using “size” as the independent variable and “cost” as the dependent variable, make a scatter plot.
Does it appear from inspection that there is a relationship between the variables? Why or why not?
Calculate the least squares line. Put the equation in the form of:
Find the correlation coefficient. Is it significant?
If the laundry detergent were sold in a 40 ounce size, find the estimated cost.
If the laundry detergent were sold in a 90 ounce size, find the estimated cost.
Use the two points in (e) and (f) to plot the least squares line on your graph from (a).
Does it appear that a line is the best way to fit the data? Why or why not?
Are there any outliers in the above data?
Is the least squares line valid for predicting what a 300 ounce size of the laundry detergent would cost? Why or why not?
What is the slope of the least squares (best-fit) line? Interpret the slope.
Yes
0.9986; Yes
$5.08
$6.93
No
Not valid
slope = 0.0371. As the number of ounces increases by one, the cost of liquid detergent tends to increase by $0.0371 or is predicted to increase by $0.0371 (about 4 cents).
Complete the above table for the cost per ounce of the different sizes.
Using “Size” as the independent variable and “Cost per ounce” as the dependent variable, make a scatter plot of the data.
Does it appear from inspection that there is a relationship between the variables? Why or why not?
Calculate the least squares line. Put the equation in the form of:
Find the correlation coefficient. Is it significant?
If the laundry detergent were sold in a 40 ounce size, find the estimated cost per ounce.
If the laundry detergent were sold in a 90 ounce size, find the estimated cost per ounce.
Use the two points in (f) and (g) to plot the least squares line on your graph from (b).
Does it appear that a line is the best way to fit the data? Why or why not?
Are there any outliers in the above data?
Is the least squares line valid for predicting what a 300 ounce size of the laundry detergent would cost per ounce? Why or why not?
What is the slope of the least squares (best-fit) line? Interpret the slope.
According to flyer by a Prudential Insurance Company representative, the costs of approximate probate fees and taxes for selected net taxable estates are as follows:
Net Taxable Estate ($)
Approximate Probate Fees and Taxes ($)
600,000
30,000
750,000
92,500
1,000,000
203,000
1,500,000
438,000
2,000,000
688,000
2,500,000
1,037,000
3,000,000
1,350,000
Decide which variable should be the independent variable and which should be the dependent variable.
Make a scatter plot of the data.
Does it appear from inspection that there is a relationship between the variables? Why or why not?
Calculate the least squares line. Put the equation in the form of:
Find the correlation coefficient. Is it significant?
Find the estimated total cost for a net taxable estate of $1,000,000. Find the cost for $2,500,000.
Use the two points in (f) to plot the least squares line on your graph from (b).
Does it appear that a line is the best way to fit the data? Why or why not?
Are there any outliers in the above data?
Based on the above, what would be the probate fees and taxes for an estate that does not have any assets?
What is the slope of the least squares (best-fit) line? Interpret the slope.
Yes
0.9964; Yes
$208,875.35; $1,028,325.35
Yes
No
slope = 0.5463. As the net taxable estate increases by one dollar, the approximate probate fees and taxes tend to increase by 0.5463 dollars (about 55 cents).
Receive real-time job alerts and never miss the right job again
Source:
OpenStax, Collaborative statistics using spreadsheets. OpenStax CNX. Jan 05, 2016 Download for free at http://legacy.cnx.org/content/col11521/1.23
Google Play and the Google Play logo are trademarks of Google Inc.
Notification Switch
Would you like to follow the 'Collaborative statistics using spreadsheets' conversation and receive update notifications?
