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Do a correlation analysis between â€˜Amountâ€™ and â€˜Ageâ€™ and interpreted the coefficient

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Business Statistics

1. The sample data from a research survey conducted in various countries on the amount of time 3-5 year-old children spent alone with their fathers each day is as follows:

Country Time with Dad (minutes)

Bangladesh 30

Bhutan 46

China 54

Nepal 50

Pakistan 46

Nigeria 42

Korea 46

Russia 42

India 50

For the above sample, determine the following measures:

a. The mean

b. The standard deviation

c. The mode

d. The 75th percentile

Based on your calculations comment on the father-children relationship (10 Marks)

2. â€˜Princeâ€™ a chaiwala at Mumbai Central station believes that the sales of tea at his tea shop depends upon the weather. He has taken a sample of a weekâ€™s data. Below you are given the results of the sample. (10 Marks)

Cups Sold Temperature

350 50

200 60

210 70

100 80

80 90

70 100

50 110

a. Which variable is the dependent variable?

b. Compute the least squares estimated line.

c. Is there a significant relationship between the sales of coffee and temperature?

e. Predict sales of a 95 degree day.

3. According to one of the recent study published in an International report, the cost of medical malpractice in the United States is USD 55.6 billion a year, which is approximately 2.4 percent of US annual health-care spending. An earlier research report published in 2011, in the New England Journal of Medicine revealed that, during the period 1991 to 2005, 7.4 percent of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contributes to high premiums for medical malpractice insurance. The table below contains a sample of data set of claim payments made in a yearâ€™s time and other information about the claimant

a. Using descriptive statistics explore claim payment amounts, and identify factors that

appear to influence the amount of the payment. (5 Marks)

b. Do a correlation analysis between â€˜Amountâ€™ and â€˜Ageâ€™ and interpreted the coefficient

of correlation.

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