This module provides a lab of Linear Regression and Correlation as a part of Collaborative Statistics collection (col10522) by Barbara Illowsky and Susan Dean.
Class Time:
Names:
Student learning outcomes:
The student will calculate and construct the line of best fit between two variables.
The student will evaluate the relationship between two variables to determine if that relationship is significant.
Collect the data
Use 8 members of your class for the sample. Collect bivariate data (distance an individual lives
from school, the cost of supplies for the current term).
Complete the table.
Distance from school
Cost of supplies this term
Which variable should be the dependent variable and which should be the independent
variable? Why?
Graph “distance” vs. “cost.” Plot the points on the graph. Label both axes with
words. Scale both axes.
Analyze the data
Enter your data into your calculator or computer.
Write the linear equation below, rounding to 4 decimal places.
Calculate the following:
=
=
correlation =
=
equation:
=
Is the correlation significant?
Why or why not? (Answer in 1-3 complete sentences.)
Supply an answer for the following senarios:
For a person who lives 8 miles from campus, predict the total cost of supplies this term:
For a person who lives 80 miles from campus, predict the total cost of supplies this term:
Obtain the graph on your calculator or computer. Sketch the regression line below.
Discussion questions
Answer each with 1-3 complete sentences.
Does the line seem to fit the data? Why?
What does the correlation imply about the relationship between the distance and the cost?
Are there any outliers? If so, which point is an outlier?
Should the outlier, if it exists, be removed? Why or why not?
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 .