2. Hot dog sales during day games at the baseball stadium and the high temperatures during the games are approximately linearly related. Suppose the average high temperature at day games is 80 (degrees Farenheit) with a standard deviation of 10, and that average hot dog sales are 30 (thousands of dogs) with a standard deviation of 5. The correlation between temperature and sales is -0.25.
a) Suppose the high temperature at a particular day game is 80 degrees. How many hot dogs do you predict will be sold at that game?
b) Suppose the high temperature at a particular day game is 96 degrees. What is your best prediction for hot dog sales?
c) What fraction of the variation in hot dog sales is accounted for by the variation in predicted hot dog sales?
here let x and y are temperature and hot dog sales variable
here slope b1=r*y/x =(-0.25)*5/10=-0.125
and intercept =y-b1*x =30-(-0.125)*80=40
hence line equation: Y =40-0.125*x
a)
predicted sales =40-0.125*80=30
b)
predicted sales =40-0.125*96=28
c)
fraction of the variation in hot dog sales is accounted for by the variation in predicted hot dog sales =r2=(-0.25)2 =0.0625
2. Hot dog sales during day games at the baseball stadium and the high temperatures during...
Utility Max.docx Page 3 of 3 2 Yaomin is an aficionado of the true baseball experience. Every week during baseball season, he budgets $128 for the game and hot dogs. Assume the price of a hot dog is $2.00 and the price of a baseball game is $60.00. Given the information below about Yaomin's preferences for hot dogs and baseball games, determine his optimal choice of games and hot dogs for each week of the baseball season. Show your work...
3. Suppose we observe temperatures in several cities at noon on a particular day. The mean observed temperature is 20 degrees Centigrade; the standard deviation is 5 degrees. a) Degrees Fahrenheit are related to degrees Centigrade according to the formula (F = 32+1.8C). Suppose we were to convert the observed temperatures to degrees Fahrenheit. What would the mean temperature be in degrees Fahrenheit? What would the standard deviation be? b) Temperatures can be expressed in standard units. Suppose the temperature...
Temperatures in LA. The average daily high temperature in October in Los Angeles is 79 degrees Fahrenheit with a standard deviation of 5 degrees Fahrenheit. Suppose that the temperatures in October closely follow a normal distribution. Round calculated answers to 3 decimal places. 1. What is the probability of observing an 78 degrees Fahrenheit temperature or higher in Los Angeles during a randomly chosen day in October? 2. How cold are the coldest 30% of the days during October in...
Utility Max.docx Page 3 of 3 Yaomin is an aficionado of the true baseball experience. Every week during 2. baseball season, he budgets $128 for the game and hot dogs. Assume the price of a hot dog is $2.00 and the price of a baseball game is $60.00. Given the information below about Yaomin's preferences for hot dogs and baseball games, determine his optimal choice of games and hot dogs for each week of the baseball season. Show your work....
8. The daily high temperatures for April are normally distributed with a mean of 68.7º and a standard deviation of 4.5 X = 르 a. What is the probability that in a sample of 10 randomly selected days the average high temperature is more than 65°? nl b. What is the probability that on a randomly selected day the high temperature would be between 75* and 80%?
Revenue in a cosmetics company comes mostly from their hair products' sales. The marketing department wants to estimate the proportion of customers who buy shampoo. How many customers do they need to sample to get a confidence interval for the true mean at 98% confidence level, with an error of +/- 0.02? 1. A heating and cooling company advertises that any customer buying an air conditioner during the first 16 days of July will receive a 25 percent discount if...
Suppose that high temperatures in College Place during the month of January have a mean of 37∘F. If you are told that Chebyshev's inequality says at most 6.6% of the days will have a high of 42.5∘F or more, what is the standard deviation of the high temperature in College Place during the month of January? Round your answer to one decimal place.
Suppose that high temperatures in College Place during the month of January have a mean of 37∘F. If you are told that Chebyshev's inequality says at most 6.6% of the days will have a high of 42.5∘F or more, what is the standard deviation of the high temperature in College Place during the month of January? Round your answer to one decimal place.
2-6% each part Suppose we have opened a catfish hot dog stand at the mall which will be open 4 hours per day. We are test marketing our sales at various prices to attempt to determine the best price we should use for our catfish hot dogs. So, let: Price of the Number of y hot dogs $1.50 $3.00 $4.00 hot dogs sold 182 118 39 Notice that we have put these variables in the same order that we did...
The average daily high temperature in June in LA is 80∘F with a standard deviation of 6∘F. Suppose that the temperatures in June closely follow a normal distribution. (a) What is the probability of observing a 76∘F temperature or higher in LA during a randomly chosen day in June? 74% (b) What is the probability of observing a 77∘F temperature or lower in LA during a randomly chosen day in June? 31% (c) What is the probability of observing a...