Would it be better for customers for a year to have a negative residual or a positive residual from this model? Explain.
What will be an ideal response?
Q. 2Would it be better for a customer buying a diamond to have a negative residual or a positive residual from this model? Explain.
In an effort to decide if there is an association between the year of a postal increase and the new postal rate for first class mail, the data were gathered from the United States Postal Service. In 1981, the United States Postal Service changed their rates on March 22 and November 1. This information is shown in the table below.
Q. 3Interpret the intercept of your model in context.
What will be an ideal response?
Q. 4Interpret the slope of your model in context.
What will be an ideal response?
Q. 5Create a model to predict diamond costs from the size of the diamond.
What will be an ideal response?
Q. 6A school board study found a moderately strong negative association between the number of hours high school seniors worked at part-time jobs after school hours and the students' grade point averages.
a.
Explain in this context what negative association means.
b. Hoping to improve student performance, the school board passed a resolution urging parents to limit the number of hours students be allowed to work. Do you agree or disagree with the school board's reasoning. Explain.
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