Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help for this question 2. You collect the following dataset on the number of trips taken to downtown Toronto per month (Y) vs. the

need help for this question

image text in transcribedimage text in transcribedimage text in transcribed
2. You collect the following dataset on the number of trips taken to downtown Toronto per month (Y) vs. the distance in kilometers a person lives from the CN Tower (X). You would like to develop a regression model to study how distance from central Toronto might impact the number of trips a person takes to this location. (each part is worth 5 points, Total 50 points) ID X Y 1 10 9 2 15 6 3 5 11 4 27 5 5 20 4 6 13 8 7 40 3 a. Sketch out the scatter plot between the dependent and independent variable. Be sure to include axis labels (variable names) and use the conventional axis for X and Y. b. Report each variable's mean and standard deviation. d. Solve for the a and b regression parameters. e. Report the regression equation. f. Report the coefficient of determination. g. Is the model's coefficient of determination significant at the alpha = 0.05 level? Show your work.Microsoft Word - Problem Set 5.docx 7/9 i. Predict the y values for x = 1, x = 25, and x = 50. j. Use the model to find the predicted y values for x = 10, x = 20, and x = 40, and then compare these values to their corresponding observed y values. Note which prediction has the largest error (worth 4 points). Write a paragraph (4-6 sentences, worth 10 points) on whether you think this is a good model or not, making sure to reference metrics that describe model fit, e.g. S.E.E., r^2, significance. +

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quantitative Analysis For Management

Authors: Barry Render, Ralph M. Stair, Michael E. Hanna

11th Edition

9780132997621, 132149117, 132997622, 978-0132149112

Students also viewed these Mathematics questions