MTH618 Week 5 Tutorial Solutions
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Krishan ChaudharyMTH618 Week 5 Tutorial Solutions
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Krishan ChaudharyCommon questions
Powered by AIThe regression line equation is typically of the form y = mx + c, where m is the slope and c the y-intercept. Using the given data, first calculate m and c to find the regression equation. For predictions, substitute x = 20 (since 200,000 is converted to 20 in ten thousand units) into this equation to estimate the revenue. After computation, the predicted revenue is approximately $22 billion .
The required sample size (n) can be calculated using the formula for the margin of error (E) in a confidence interval: E = Z*(σ/√n), where Z is the Z-score corresponding to the desired confidence level (1.96 for 95%), σ is the standard deviation, and E is the margin of error. Solving for n, we get n = (Z*σ/E)^2. Substituting the given values: n = (1.96*0.26/0.15)^2 ≈ 11.75. Therefore, the required sample size is approximately 12 .
The 90% confidence interval for the variance can be derived using the chi-square distribution, with degrees of freedom n-1 (n being the sample size). The sample variance is calculated first; then, using chi-square critical values, calculate the interval (n-1)s²/χ²Right < σ² < (n-1)s²/χ²Left. For the given ski ticket prices, variance and standard deviation intervals can accordingly be computed, yielding σ² CI [90%] of approximately (25.04, 228.57) and σ [90%] CI approximately (5.00, 15.11).
The correlation coefficient (r) is calculated using the formula: r = Σ((x_i - x̄)(y_i - ȳ))/(√Σ(x_i - x̄)²Σ(y_i - ȳ)²). Using the provided data, compute the sums of products and squares. After calculations, the correlation coefficient is approximately 0.96, indicating a very strong positive relationship between the number of cars and the revenue .