SCENARIO 13-10
You Worked as an Intern at We Always

question 259

Short Answer

SCENARIO 13-10
You worked as an intern at We Always Win Car Insurance Company last summer.You notice that individual car insurance premiums depend very much on the age of the individual and the number of traffic tickets received by the individual.You performed a regression analysis in EXCEL and obtained the following partial information: $$\begin{array}{l}\begin{array} { l r } \hline { \text { Regression Statistics } } \\\hline \text { Multiple R } & 0.8546 \\\text { R Square } & 0.7303 \\\text { Adjusted R Square } & 0.6853 \\\text { Standard Error } & 226.7502 \\\text { Observations } & 15 \\\hline\end{array}\\\\\text { ANOVA }\\\begin{array}{lrrrrrr} & d f & & \text { SS } & \text { MS } & \text { F } & \text { Significance } F \\\hline \text { Regression } & & 2 & & \text { 835284.6500 } & 16.2457 & 0.0004 \\\text { Residual } & & 12 & 616987.8200 & & & \\\text { Total } & & & 2287557.1200 & & & \\\hline\end{array}\\\\\begin{array} { l r r r r r r } \hline & \text { Coefficients } & \text { Standard Error } & { t \text { Stat } } & \text { P-value } & \text { Lower 99\% } & { \text { Upper 99\% } } \\\hline \text { Intercept } & 821.2617 & 161.9391 & 5.0714 & 0.0003 & 326.6124 & 1315.9111 \\\text { Age } & - 1.4061 & 2.5988 & - 0.5411 & 0.5984 & - 9.3444 & 6.5321 \\\text { Tickets } & 243.4401 & 43.2470 & 5.6291 & 0.0001 & 111.3406 & 375.5396 \\\hline\end{array}\end{array}$$
-Referring to SCENARIO 13-10, the regression sum of squares that is missing in the ANOVAtable should be .

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Definitions:

Cognitive Dissonance

A psychological discomfort experienced when simultaneously holding two or more conflicting beliefs, ideas, or values.

Self-Serving Bias

A common cognitive bias where individuals attribute their successes to internal factors while blaming external factors for their failures.

Cognitive Component

Refers to the beliefs, thoughts, and knowledge that influence how an individual understands and interacts with the world.

Affective Component

Pertains to the emotional aspect of attitudes, reflecting feelings or emotions related to an object, person, or event.