Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part 4 of 7 Score: 11.11%, 1.67 of 15 points O Points: 0 of 1 After keeping track of his heating expenses for several winters,

image text in transcribed
image text in transcribed
image text in transcribed
Part 4 of 7 Score: 11.11%, 1.67 of 15 points O Points: 0 of 1 After keeping track of his heating expenses for several winters, a homeowner believes he can estimate the monthly cost from the average daily Fahrenheit temperature using the model cost = 147-195 temp. The residuals plot for his data is shown Complete parts (a) through (9) below o 20 15- 10 5- 01 -5 -10 . Residuals 10-20.30.40 -15 -20- d d) What heating cost does the model predict for a month that averages 10? cost = $ (Round to the nearest cent as needed.) cr 10" 6) During one of the months on which the model is based, the temperature did average 10 What were the actual heating costs to The actual heating costs for this month were su (Round to the nearest dollar as needed) Do you think the homeowner should use this model? A No OB. Yes g) Would this model be more successful if created using degrees Celsius? Explain A Yes, because the residuals would be scaled down to smaller values 3. No, because units do not influence the accuracy of a regression No, because using Celalus would make the model less successful D. Yes, because Celsius degrees are larger than Fahrenheit degrees w transcribedim

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

Handbook Of Financial Intermediation And Banking

Authors: Anjan V. Thakor, Arnoud Boot

1st Edition

0444515585, 978-0444515582

More Books

Students also viewed these Finance questions

Question

You have

Answered: 1 week ago