Influential wine critics sometimes publish their personal ratings of wines, and many consumers pay close attention. Do these ratings affect the price?
A regression of the log of price on the rating was fitted. Does this model provide a better description of the pattern in the data? Estimated log(Price) = -11.68 + 0.17 Rating. Does this model provide a better description of the pattern in the data?
a. Yes, because it does not give negative prices for any ratings within the range of the data.
b. Yes, because the intercept is negative, and there cannot be a negative price for a rating of zero.
c. No, because the intercept is still negative, and there cannot be a negative price even if the rating is zero.
d. No, because it does not give negative prices for any ratings within the range of the data.
Yes, because it does not give negative prices for any ratings within the range of the data.
Option A is correct.
Influential wine critics sometimes publish their personal ratings of wines, and many consumers pay close attention....
The recommendations of respected wine critics have a substantial effect on the price of wine. Vintages that en higher ratings command higher prices and spark surges in demand. These data are a random sample of ratings of wines selected from an online web site from the 2000 and 2001 vintages. Complete parts (a) through Click the icon to view the table of wine rating price, and vintage A Yes, the conditions are satistiea. OB. No, the 2000 data contains outliers....
The recommendations of respected wine critics have a substantial effect on the price of wine. Vintages that earn higher ratings command higher prices and spark surges in demand. These data are a random sample of ratings of wines selected from an online web site from the 2000 and 2001 vintages. Complete parts (a) through (d). Click the icon to view the table of wine rating, price, and vintage. (a) Do the ratings meet the conditions needed for a two-sample confidence...
please help me to solve part b The recommendations of respected wine critics have a substantial effect on the price of wine. Vintages that earn higher ratings command higher prices and spark surges in demand. These data are a random sample of ratings of wines selected from an online Web site from the 2000 and 2001 vintages. Complete parts (a) through (d). Click the icon to view the table of wine rating, price, and vintage. (a) Do the ratings meet...
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