QMB 3200 Final Exam 2024 Questions & Answers!

Confidence interval interpretation - ANSWERSwe are 95% confident that the mean y, with _________, falls between (upper value) and (lower value) A confidence interval interpretation applies to the - ANSWERSmean of all units slope interpretation - ANSWERSfor every 1 unit increase in x1, y will either increase or decrease theoretical confidence interval interpretation - ANSWERSin repeated sampling, 95% of all similarly constructed intervals will contain the true mean of all _____________ prediction interval interpretation - ANSWERSin repeated sampling, 95% of all similarly constructed intervals will contain the true mean of ___________ standard deviation interpretation - ANSWERSapproximately 95% of actual values will fall within 2s of their predicted values R2 practical interpretation/ coefficient of determination - ANSWERSabout _______ % of the sample variation in prices can be explained by the simple linear model. 4 standard error regression assumptions - ANSWERS1. errors are independent 2. mean error=0 3. errors are normally distributed 4. variance of the errors is constant for all x-values always look at ___________ to determine positive or negative linear relationship - ANSWERScoefficient on p/o #4 what could prevent you from recommending the model as a predictor of y? - ANSWERSa very high value for 2s chi-squared test can be used for determining - ANSWERSindependence ANOVA tests can be used to determine - ANSWERScomparing mean scores Durbin Watson test can be used to determine - ANSWERSwhether regression errors are correlated Beta