Linear Regression and Correlation: Homework is a part of Collaborative Statistics collection (col10522) by Barbara Illowsky and Susan Dean.
For each situation below, state the independent variable and the dependent variable.
A study is done to determine if elderly drivers are involved in more motor vehicle fatalities than all other drivers. The number of fatalities per 100,000 drivers is compared to the age of drivers.
A study is done to determine if the weekly grocery bill changes based on the number of family members.
Insurance companies base life insurance premiums partially on the age of the applicant.
Utility bills vary according to power consumption.
A study is done to determine if a higher education reduces the crime rate in a population.
Independent: Age; Dependent: Fatalities
Independent: Power Consumption; Dependent: Utility
The average number of people in a family that received welfare for various years is given below. (Source:
House Ways and Means Committee, Health and Human Services Department )
Year
Welfare family size
1969
4.0
1973
3.6
1975
3.2
1979
3.0
1983
3.0
1988
3.0
1991
2.9
Using “year” as the independent variable and “welfare family size” as the dependent variable, make a scatter plot of the data.
Calculate the least squares line. Put the equation in the form of:
Find the correlation coefficient. Is it significant?
Pick two years between 1969 and 1991 and find the estimated welfare family sizes.
Use the two points in (d) to plot the least squares line on your graph from (b).
Based on the above data, is there a linear relationship between the year and the average number of people in a welfare family?
Using the least squares line, estimate the welfare family sizes for 1960 and 1995. Does the least squares line give an accurate estimate for those years? Explain why or why not.
Are there any outliers in the above data?
What is the estimated average welfare family size for 1986? Does the least squares line give an accurate estimate for that year? Explain why or why not.
What is the slope of the least squares (best-fit) line? Interpret the slope.
-0.8533, Yes
No
No.
2.93, Yes
slope = -0.0432. As the year increases by one, the welfare family size tends to decrease by 0.0432 people.
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
When MP₁ becomes negative, TP start to decline.
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Economic growth as an increase in the production and consumption of goods and services within an economy.but
Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has
The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50.
A,Calculate quantities of x and y which maximize utility.
B,Calculate value of Lagrange multiplier.
C,Calculate quantities of X and Y consumed with a given price.
D,alculate optimum level of output .
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
