Which equation represents the following situation? The difference of three times a number
2 answers:
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Answer:
a)
b) The accountant should not question the voucher as the request is much higher than expected.
c) We can add the following variables
d) The percentage of variation in the trip cost that can be explained by the model = (0.64)^2 =0.4096 or 40.96%
A. Type of travel (air/car)
B. Gender of the executive (male/female)
The last option is not too important since we are analyzing the traveling executives not the type of business
Step-by-step explanation:
Part a
For this case we have the multiple regression model given by:
Where represent the number of days on the road and
the distance traveled in miles.
And we want to find the expected amount from a 340-mile trip that took her out of town for 5 days, so we just need to replace x1= 5 and x2=340 and we got:
Part b
The expected value taking in count that x1 = 5 and y = 340 is:
And the difference from the obtained value is : 685-441.50=243.5
So then the correct answer would be:
The accountant should not question the voucher as the request is much higher than expected.
Part c
We can add the following variables
A. Type of travel (air/car)
B. Gender of the executive (male/female)
The last option is not too important since we are analyzing the traveling executives not the type of business
Part d
The correlation coefficient is a "statistical measure that calculates the strength of the relationship between the relative movements of two variables". It's denoted by r and its always between -1 and 1.
The coefficient of determination "is a measure used in statistical analysis that assesses how well a model explains and predicts future outcomes. It is indicative of the level of explained variability in the data set".
The percentage of variation in the trip cost that can be explained by the model = (0.64)^2 =0.4096 or 40.96%
Answer:
So on this case the 90% confidence interval would be given by (6.86;9.54) And the error is given by:
Step-by-step explanation:
Previous concepts
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
represent the sample mean for the sample
population mean (variable of interest)
represent the population standard deviation
n represent the sample size
Solution to the problem
The confidence interval for the mean is given by the following formula:
(1)
Since the Confidence is 0.90 or 90%, the value of and
, and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-NORM.INV(0.005,0,1)".And we see that
Now we have everything in order to replace into formula (1):
So on this case the 90% confidence interval would be given by (6.86;9.54) And the error is given by:
