Bugen1502 Business Statistics-Australian Dollars Answers Assessment Answers
(a) Which is the independent (or predictor) variable and which is the dependent (or response) variable in this case? Give reasons for your choice and answer in Textbox (a)
(b) Produce a scatter plot of the data (Graph (b)). The chart must have appropriate title and labels. Also you should rescale the graph axes to most clearly display the data. Based on the scatter plot, describe the type and direction of relationship between the variables. Is the relationship deterministic or probabilistic Answer in Textbox (b).
(c) Using the regression function in Excel, generate regression output for the data and place it where indicated in the Results worksheet.
i. Write down the line of best fit for the given data from the regression output obtained. Explain the meaning of any symbols used. (Textbox (c))
ii. State the value of the slope of the equation correct to three decimal places and give an economic interpretation of this value in Textbox (c).
iii. State the value of the intercept of the equation correct to three decimal places and give an interpretation of this value in Textbox (c). Does the intercept value represent a practical value in this case Explain briefly.
(d) Do the data provide statistical evidence of a linear relationship between the amount spent by the football department and the number of wins for the team? Perform an appropriate hypothesis test using the p-value method.
i. State null and alternative hypotheses. (You are not required to type Greek letters with subscripts. You may use words or symbols instead of Greek letters. For example, Ho can be written as H_0, and β1 as beta_1, etc.)
ii. State the appropriate p-value for this test from the regression output. If the significance level were 5%, would the null hypothesis be rejected At what levels of significance will the null hypothesis be rejected.
iii. Is there are statistically significant relationship between amount spent by the football department and the number of wins for the team State your conclusion with reference to your decision about the hypotheses.
(e) State the coefficient of determination from the regression output to three decimal places.How good a fit is this linear model to the data Answer in Textbox (e)
(f) Predict the sales the number of wins (as a whole number) for a club whose football department spent:
i. 62 million dollars
ii. 70 million dollars
Comment on the reliability of each prediction. Answer in Textbox (f).
Answer:
Textbox (c) (i) Regression line Number of wins = -13.574 + (1.168* Money spent) Value -13.574 indicates intercept of the regression line. Value 1.168 indicates the slope coefficient of the variable total money spent on the football team. (ii) Slope coefficient comes out to be 1.168. This value is the measure of the change in the dependent variable which would incurred due to change in the independent variable. In the present case, when the total expenditure on football team by the club has increased by 1 million Australian dollars then on an average the total number of wins of the football match would also be increased by 1.168. (iii) Intercept comes out to be -13.574. This value is the measure of the dependent variable when there is no contribution of the independent variable. This means, the number of wins of football match would be -13.574, when the club does not spend any amount on the football team. However, it is a hypothetical case, because the number of wins cannot be negative or in fractions.Buy Bugen1502 Business Statistics-Australian Dollars Answers Assessment Answers Online
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