UF MAR 5621 - Correlation and Simple Regression practice problems (8 pages)

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Correlation and Simple Regression practice problems



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Correlation and Simple Regression practice problems

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Pages:
8
School:
University of Florida-Gainesville
Course:
Mar 5621 - Advanced Managerial Statistics

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Practice Problems on Correlation Simple Regression 1 Suppose that across a sample of stores the correlation coefficient between beer prices and beer sales is 0 65 What does this number indicate a b c d There is almost no variability in beer sales that is unexplained by beer price More beer sales tend to go along with lower beer prices As price increases by 1 beer sales decrease by 65 All of the above are true 2 The purpose of a scatterplot is a b c d To test for the significance of association in bivariate data To calculate the correlation coefficient To provide a visual picture of the relationship in bivariate data To determine a confidence interval for the regression slope 3 The standard error of the sample regression slope tells you a b c d Approximately how different the slope coefficient will be in different samples Approximately how large the prediction errors are Approximately how spread out the Y scores are Approximately how much of the variability of Y is explained by X 4 The correlation coefficient describes the between 2 variables a b c d strength of curved association strength of random association strength of linear association American Marketing Association 5 R2 is a measure used to describe the overall fit of the regression line Which of the following statements is are correct about R2 a In general the closer the R2 is to 1 the better the fit of the regression line to the points in the scatterplot b R2 tells you the proportion of the points in the scatterplot that fall right on the regression line c R2 will always decrease as you add new observations to your regression d All of the above are true statements about R2 6 A cost accountant is developing a regression model to predict the total cost of producing a batch of circuit boards as a function of the batch size The independent and dependent variables for this regression would be a b c d IV circuit board IV batch size IV average cost IV total cost DV batch size DV total cost DV circuit board DV



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