MAS 202 University of Miami Gas Heated Homes Central Electric Heat Pump Questions

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QUESTION 1

1. The next 3 questions refer to the following situation:In the provided blank, insert the letter that corresponds to the correct answer. For example, if the correct answer is “a) 1.990 “, insert only “a” as the correct answer.A sample of 30 houses that were sold in the last year was taken. The value of the house (Y, in dollars) was estimated. The independent variables included in the analysis were the number of rooms (X1), the size of the lot (X2, square foot), the number of bathrooms (X3), and a dummy variable (X4), which equals 0 if the house does not have a garage and equals 1 otherwise. The following results were obtained: (use a level of significance equal to 5%)

   	Coefficients	Standard Error
   Intercept	15,232.5
   X1	2,178.4	778.0
   X2	7.8	2.2
   X3	2,675.2	2,229.3
   X4	1,157.8	463.1

   Analysis of Variance
   	DF	SS	MS
   Regression		204,242.88
   Residual (Error)		205,890.00

   I. Estimate the value of a house that has 9 rooms, a lot with an area of 7,500 square foot, 2 bathrooms, and 2 garages. The letter associated with the correct answer is a) 87,689.50b) 91,092.70c) 93,311.11d) 99,846.30e) None of the aboveII. Test whether or not there is a significant relationship between the value of the house and the number of rooms. The letter associated with the correct answer is a) there is significant relationship between the value of the house and the number of rooms.b) there is not a significant relationship between the value of the house and the number of rooms.c) there is significant relationship between the value of the house and the size of the lot.d) there is not a significant relationship between the value of the house and the size of the lot.e) None of the above III. Find the F-critical and F-estimated for this multiple regression problem. The letter associated with the correct answer is a) 2.76 and 6.2 respectively.b) 2.87 and 4.96 respectivelyc) 2.93 and 4.46 respectivelyd) 2.78 and 5.95 respectivelye) None of the above

6.25 points

QUESTION 2

1. The next 3 questions refer to the following situation:In the provided blank, insert the letter that corresponds to the correct answer. For example, if the correct answer is “a) 1.990 “, insert only “a” as the correct answer.Maxwell Corporation had the following actual sales (in millions of dollars) for last four months of last year: Month SalesSeptember 34October 26November 30December 35Use the above information to answer the following questions (always round to two decimal places): I. Use a smoothing constant equal to 0.1 to compute the forecast for December. The letter associated with the correct answer is a) 23.07b) 31.25c) 32.00d) 32.88e) None of the aboveII. Use a smoothing constant equal to 0.3 to compute the forecast for December. The letter associated with the correct answer is a) 19.83b) 29.04c) 31.12d) 37.60e) None of the above III. Based on MSE, which smoothing constant provides a better forecast and why? The letter associated with the correct answer is a) 0.1 because MSE = 26.24 is a minimumb) 0.1 because MSE = 27.20 is a minimumc) 0.3 because MSE = 27.20 is a minimumd) 0.3 because MSE = 26.24 is a minimume) None of the above

6.25 points

QUESTION 3

1. The next 3 questions refer to the following situation:In the provided blank, insert the letter that corresponds to the correct answer. For example, if the correct answer is “a) 1.990 “, insert only “a” as the correct answer.The Maxwell Corporation had the following actual sales (in millions of dollars) last year: Month SalesJanuary 186February 190March 184April 180May 175June 200July 190August 160September 198October 170November 172December 160Use the above information to answer the following questions (round to the nearest unit if necessary): I. The forecast for January of the following year using a 5-month simple moving average is. The letter associated with the correct answer is a) 168b) 169c) 172d) 175e) None of the aboveII. Using a 4-month weighted moving average with weights 4/10, 3/10, 2/10, and 1/10, compute the forecast for January of the following year. The letter associated with the correct answer is a) 167b) 169c) 170d) 171e) None of the above III. Compute the error term for March using a 2-month weighted moving average (weights are 6/10 and 4/10). The letter associated with the correct answer is a) -8b) -4c) +4d) +8e) None of the above

6.25 points

QUESTION 4

1. The next 3 questions refer to the following situation:In the provided blank, insert the letter that corresponds to the correct answer. For example, if the correct answer is “a) 1.990 “, insert only “a” as the correct answer.The heating bills for a selected sample of houses using various forms of heating are given below (values are in dollars).

   Gas Heated Homes	Central Electric	Heat Pump
   83	90	81
   80	88	83
   82	87	80
   83	82	82
   82	83	79

   Use the following partial ANOVA computer output (at a 0.05 level of significance) to see if there is a significant difference in the average bills of the homes.

   ANOVA
   Source of Variation	SS	Df	MS	F-estimate
   Forms of Heating	70
   Error
   Total	132

   I. Determine the critical value for this test. The letter associated with the correct answer is a) 3.68b) 3.89c) 4.26d) 6.34e) None of the aboveII. Compute the estimate value for this test. The letter associated with the correct answer is a) 1.56b) 1.64c) 1.80d) 6.77e) None of the above III. The decision and the implication are. The letter associated with the correct answer is a) Reject the null hypothesis, there is a significant difference in the average bills of the homes.b) Reject the null hypothesis, there is not a significant difference in the average bills of the homes.c) Don’t reject the null hypothesis, there is a significant difference in the average bills of the homes.d) Don’t reject the null hypothesis, there is not a significant difference in the average bills of the homes.e) None of the above