SCENARIO 13-9 It Is Believed That, the Average Numbers of Hours Spent

question 78

Short Answer

SCENARIO 13-9
It is believed that, the average numbers of hours spent studying per day (HOURS) during undergraduate education should have a positive linear relationship with the starting salary (SALARY, measured in thousands of dollars per month) after graduation. Given below is the Excel output for predicting starting salary (Y) using number of hours spent studying per day (X) for a sample of 51 students. NOTE: Only partial output is shown.


Note: 2.051 E - 05 = 2.051*1^0-5 and 5.944 E -18 = 5.944 *10 ^-18 .
-Referring to Scenario 13-9,the p-value of the measured F-test statistic to test whether HOURS affects SALARY is .

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Definitions:

Price Floor

A government-imposed minimum price set above the equilibrium price, intended to ensure fair conditions for producers.

Minimum Price

A price floor set by the government or a body, below which the product cannot be sold, aimed at protecting producers or farmers.

Government

is the system or group of people governing an organized community, often a state, which creates and enforces laws, regulates economic and social policies, and provides public services.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource, intended to prevent prices from reaching levels thought to be unfair or unaffordable.