A Carpet Company, Which Sells and Installs Carpet, Believes That

question 49

Essay

A carpet company, which sells and installs carpet, believes that there should be a relationship between the number of carpet installations that they will have to perform in a given month and the number of building permits that have been issued within the county where they are located. Below you will find a regression model that compares the relationship between the number of monthly carpet installations (Y) and the number of building permits that have been issued in a given month (X). The data represents monthly values for the past 10 months.
-(A) Estimate the regression model. How well does this model fit the given data?
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(B) Yes, there is a linear relationship between the number of carpet installations and the number of building permits issued at a = 0.10; The p-value = 0.0866 for the F-ratio. You can conclude that there is a significant linear relationship between these two variables.
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(C) The Durbin-Watson statistic for this data was 1.2183. Given this information what would you conclude about the data?
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(D) Given your answer in (C), would you recommend modifying the original regression model? If so, how would you modify it?

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Definitions:

Category Size Effect

A phenomenon in cognitive psychology where the size of a conceptual category affects processing speed and accuracy; typically, smaller categories are processed faster.

Prototype

A prototype is an initial or preliminary model of something from which other forms are developed or copied.

Concept

An abstract idea or a general notion that represents a category or class of objects, events, or phenomena.

Typicality Effect

The phenomenon where more prototypical or typical instances of a concept are processed faster than less typical instances.