An Analyst Is Interested in the Relationship Between Number of Children

question 30

Short Answer

An analyst is interested in the relationship between number of children a person has (the independent variable) and exam grade (the dependent variable). She regresses exam grade on number of children. The equation for the best-fitting straight line is
GRADE = 75 + 5(CHILDREN)
A) For every additional child, what happens to the predicted grade? (State both the amount of change and the direction.)
B) One student has three children. What was that student's predicted grade?
C) If one student has 0 children and received a grade of 90, what was that student's regression residual?
D) Does the best fitting straight line through the scatterplot rise or fall as it moves to the right? (rise or fall)

• A) For every additional child, what happens to the predicted grade? (State both the amount of change and the direction.)
• B) One student has three children. What was that student's predicted grade?
• C) If one student has 0 children and received a grade of 90, what was that student's regression residual?
• D) Does the best fitting straight line through the scatterplot rise or fall as it moves to the right? (rise or fall)

Differentiate between short run and long run decisions in firm operations.

Understand and differentiate between economic profits and accounting profits.

Calculate economic and accounting profits given business operational data.

Analyze the components of total costs and their impact on profits.

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