R5.29. Tableware Nambe Mills manufactures plates, bowls, and other tableware made from an alloy of several metals. Each item must go through several steps, including polishing. To better understand the production process and its impact on pricing, the company checked the polishing time (in minutes) and the retail price (in USS) of these items. The regression analysis is shown below. The scatterplot showed a linear pattern, and residuals were deemed suitable for inference. Dependent variable is Price R-squared= 84.5% s-20.50 with 59-2-57 degrees of freedom Variable Coefficient SE(Coeff) -2.89054 5.730 Intercept Time 2.49244 0.1416 a) How many different products were included in this analysis? b) What fraction of the variation in retail price is explained by the polishing time? c) Create a 95% confidence interval for the slope of this relationship. d) Interpret your interval in this context.
R5.29. Tableware Nambe Mills manufactures plates, bowls, and other tableware made from an alloy of several metals. Each item must go through several steps, including polishing. To better understand the production process and its impact on pricing, the company checked the polishing time (in minutes) and the retail price (in USS) of these items. The regression analysis is shown below. The scatterplot showed a linear pattern, and residuals were deemed suitable for inference. Dependent variable is Price R-squared= 84.5% s-20.50 with 59-2-57 degrees of freedom Variable Coefficient SE(Coeff) -2.89054 5.730 Intercept Time 2.49244 0.1416 a) How many different products were included in this analysis? b) What fraction of the variation in retail price is explained by the polishing time? c) Create a 95% confidence interval for the slope of this relationship. d) Interpret your interval in this context.
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter3: Straight Lines And Linear Functions
Section3.CR: Chapter Review Exercises
Problem 15CR: Life Expectancy The following table shows the average life expectancy, in years, of a child born in...
Related questions
Question
Transcribed Image Text:R5.29. Tableware Nambe Mills manufactures plates, bowls, and
other tableware made from an alloy of several metals. Each
item must go through several steps, including polishing. To
better understand the production process and its impact on
pricing, the company checked the polishing time (in minutes)
and the retail price (in USS) of these items. The regression
analysis is shown below. The scatterplot showed a linear
pattern, and residuals were deemed suitable for inference.
Dependent variable is Price
R-squared = 84.5%
s=20.50 with 59-2-57 degrees of freedom
Variable Coefficient SE(Coeff)
Intercept -2.89054
5.730
Time
2.49244
0.1416
a) How many different products were included in this
analysis?
b) What fraction of the variation in retail price is explained
by the polishing time?
c) Create a 95% confidence interval for the slope of this
relationship.
d) Interpret your interval in this context.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt