Influential wine critics sometimes publish their personal ratings of wines, and many consumers pay close attention....
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.
Homework Answers
Yes, because it does not give negative prices for any ratings within the range of the data.
Option A is correct.
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Influential wine critics sometimes publish their personal
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