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STA101 - Covariance - Statistics for Business - Statistics Assessment Answer
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Subject Code: STA101
Internal Code: 1AHGEE
a. Calculate the covariance and the correlation coefficient.
b. Comment on the relationship between x and y.
c. Determine the least squares line.
d. Draw the scatter diagram and plot the least squares line.
Question 2:
Consider the following Excel regression of perceived sound quality as a function of price for 27 stereo speakers.
a. Is the coefficient of Price significantly different from zero at ? = .05?
b. What does the R2 tell you?
c. Given these results, would you conclude that a higher price implies higher sound quality?
Question3:
After researching cysts of a particular type, a doctor learns that out of 10,000 such cysts examined, 1,500 are malignant and 8,500 are benign. A diagnostic test is available which is accurate 80% of the time (whether the cyst is malignant or not). The doctor has discovered the same type of cyst in a patient.
a. In the absence of any test, what is the probability that the cyst is malignant? What is the probability that the cyst is benign?
b. What is the probability that the patient will test positive?
c. What is the probability that the patient will test negative?
d. What is the probability that the patient has a benign tumor if he or she tests positive?
e. What is the probability that the patient has a malignant cyst if he or she tests negative?
Question4:
Below are monthly rents paid by 30 students who live off campus:
a. Find the mean, median, and mode.
b. Do the measures of central tendency agree? Explain.
c. Calculate the standard deviation.
d. Are there outliers or unusual data values?
e. Using the Empirical Rule, do you think the data could be from a normal population?
Statistics Assessment Answer
TASK: Question 1: Given the following sample data:
a. Calculate the covariance and the correlation coefficient.
b. Comment on the relationship between x and y.
c. Determine the least squares line.
d. Draw the scatter diagram and plot the least squares line.
Question 2:
Consider the following Excel regression of perceived sound quality as a function of price for 27 stereo speakers.
a. Is the coefficient of Price significantly different from zero at ? = .05?
b. What does the R2 tell you?
c. Given these results, would you conclude that a higher price implies higher sound quality?
Question3:
After researching cysts of a particular type, a doctor learns that out of 10,000 such cysts examined, 1,500 are malignant and 8,500 are benign. A diagnostic test is available which is accurate 80% of the time (whether the cyst is malignant or not). The doctor has discovered the same type of cyst in a patient.
a. In the absence of any test, what is the probability that the cyst is malignant? What is the probability that the cyst is benign?
b. What is the probability that the patient will test positive?
c. What is the probability that the patient will test negative?
d. What is the probability that the patient has a benign tumor if he or she tests positive?
e. What is the probability that the patient has a malignant cyst if he or she tests negative?
Question4:
Below are monthly rents paid by 30 students who live off campus:
a. Find the mean, median, and mode.
b. Do the measures of central tendency agree? Explain.
c. Calculate the standard deviation.
d. Are there outliers or unusual data values?
e. Using the Empirical Rule, do you think the data could be from a normal population?
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