Concept explainers
(Exercises 27–40) For each description of data, identify the W’s, name the variables, specify for each variable whether its use indicates that it should be treated as categorical or quantitative, and, for any quantitative variable, identify the units in which it was measured (or note that they were not provided).
40. Indy 500 2016 The 2.5-mile Indianapolis Motor Speedway has been the home to a race on Memorial Day nearly every year since 1911. Even during the first race, there were controversies. Ralph Mulford was given the checkered flag first but took three extra laps just to make sure he’d completed 500 miles. When he finished, another driver, Ray Harroun, was being presented with the winner’s trophy, and Mulford’s protests were ignored. Harroun averaged 74.6 mph for the 500 miles. In 2013, the winner, Tony Kanaan, averaged over 187 mph, beating the previous record by over 17 mph!
Here are the data for the first five races and five recent Indianapolis 500 races.
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Intro Stats, Books a la Carte Edition (5th Edition)
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- Q1. The table provided gives data on indexes of output per hour (X) and real compensation per hour (Y) for the business and nonfarm business sectors of the U.S. economy for 1960–2005. The base year of the indexes is 1992 = 100 and the indexes are seasonally adjusted. a. Plot Y against X for the two sectors separately. b. What is the economic theory behind the relationship between the two variables? Does the scattergram support the theory? c. Estimate the OLS regression of Y on X. Note: on the table ( 1. Output refers to real gross domestic product in the sector. 2. Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. 3. Hourly compensation divided by the consumer price index for all urban consumers for recent quarters.) Thank you!arrow_forward10 20 30 40 50 60 70 80 Wind speed (km/h The inter quartile range for the wind speeds isarrow_forward2.62 For the period 2001–2008, the Bristol-Myers Squibb Company, Inc. reported the following amounts (in billions of dollars) for (1) net sales and (2) advertising and product promotion. The data are also in the file XR02062. Source: Bristol-Myers Squibb Company, Annual Reports, 2005, 2008. Year Net Sales Advertising/Promotion 2001 $16.612 $1.201 2002 16.208 1.143 2003 18.653 1.416 2004 19.380 1.411 2005 19.207 1.476 2006 16.208 1.304 2007 18.193 1.415 2008 20.597 1.550 For these data, construct a line graph that shows both net sales and expenditures for advertising/product promotion over time. Some would suggest that increases in advertising should be accompanied by increases in sales. Does your line graph support this?arrow_forward
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- Using the data in Table 6–11, calculate a 3-month moving average forecast for month 12.arrow_forwardGrace recorded the forecasts that a local meteorologist made for one month, as well as the actual weather. The data she collected is shown in the table below. Grace concludes that the meteorologist is always better at predicting the weather when it does not rain. Which of these statements about Grace’s conclusion is correct? Explain your reasoningarrow_forwardsection 4.1 #30 In Exercises 25–30, determine whether the association between the two variables is positive or negative. Weekly ice cream sales and weekly average temperaturearrow_forward
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