Hawaiian Estate Case Study
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Let X represent the amount of time it takes a student to park in the library parking lot at the university. If we know that the distribution of parking times can be modeled using an exponential distribution with a mean of 4 minutes, find the probability that it will take a randomly selected student more than 10 minutes to park in the library lot. | 0.917915 | | 0.670320 | | 0.329680 | | 0.082085 |
6 out of 6
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Question
2 of 25
On the average, 1.8 customers per minute arrive at any one of the checkout counters of a grocery store. What type of probability distribution can be used to find out the probability that there will be no customer arriving at a checkout counter? | binomial distribution | | …show more content…
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6 out of 6
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Question
13 of 25
TABLE 15-3
In Hawaii, condemnation proceedings are under way to enable private citizens to own the property that their homes are built on. Until recently, only estates were permitted to own land, and homeowners leased the land from the estate. In order to comply with the new law, a large Hawaiian estate wants to use regression analysis to estimate the fair market value of the land. The following model was fit to data collected for n = 20 properties, 10 of which are located near a cove.
Model 1: Y = β0 + β1X1 + β2X2 + β3X1X2 + β4X12 + β5X12X2 + ε where Y = Sale price of property in thousands of dollars
X1 = Size of property in thousands of square feet
X2 = 1 if property located near cove, 0 if not
Using the data collected for the 20 properties, the following partial output obtained from Microsoft Excel is shown:
SUMMARY OUTPUT Regression Statistics | Multiple R | 0.985 | R Square | 0.970 | Standard Error | 9.5 | Observations | 20 |
ANOVA
| df | SS | MS | F | Signif F | Regression | 5 | 28324 | 5664 | 62.2 | 0.0001 | Residual | 14 | 1279 | 91 | | | Total | 19 | 29063 | | | | | Coeff | StdError | t Stat | P-value
Let X represent the amount of time it takes a student to park in the library parking lot at the university. If we know that the distribution of parking times can be modeled using an exponential distribution with a mean of 4 minutes, find the probability that it will take a randomly selected student more than 10 minutes to park in the library lot. | 0.917915 | | 0.670320 | | 0.329680 | | 0.082085 |
6 out of 6
Correct!!
Question
2 of 25
On the average, 1.8 customers per minute arrive at any one of the checkout counters of a grocery store. What type of probability distribution can be used to find out the probability that there will be no customer arriving at a checkout counter? | binomial distribution | | …show more content…
|
6 out of 6
Correct!!
Question
13 of 25
TABLE 15-3
In Hawaii, condemnation proceedings are under way to enable private citizens to own the property that their homes are built on. Until recently, only estates were permitted to own land, and homeowners leased the land from the estate. In order to comply with the new law, a large Hawaiian estate wants to use regression analysis to estimate the fair market value of the land. The following model was fit to data collected for n = 20 properties, 10 of which are located near a cove.
Model 1: Y = β0 + β1X1 + β2X2 + β3X1X2 + β4X12 + β5X12X2 + ε where Y = Sale price of property in thousands of dollars
X1 = Size of property in thousands of square feet
X2 = 1 if property located near cove, 0 if not
Using the data collected for the 20 properties, the following partial output obtained from Microsoft Excel is shown:
SUMMARY OUTPUT Regression Statistics | Multiple R | 0.985 | R Square | 0.970 | Standard Error | 9.5 | Observations | 20 |
ANOVA
| df | SS | MS | F | Signif F | Regression | 5 | 28324 | 5664 | 62.2 | 0.0001 | Residual | 14 | 1279 | 91 | | | Total | 19 | 29063 | | | | | Coeff | StdError | t Stat | P-value