A surgical practice reported the results of a regression analysis, designed to predict the monthly income the surgeons bring into the practice (Y) – measured in thousands of dollars. One independent variable used to predict monthly income for the surgical practice is the number of new patients (X) enrolled by each surgeon. The firm samples 12 surgeons and determines for each the number of new patients they have enrolled monthly and the amount in thousands of dollars they have brought into the practice. The data were used to fit a linear model. The results of the simple linear regression are provided below.
Y = 17.7 + 1.12X; SYX =$5.804; 2 – tailed p value = 0.000126 (for testing ß1);
Sb1=0.185; X = 25.083; SSX=Σ( Xi –X )2=980.917; n=12 ;
Interpret the p-value for testing whether β1 exceeds 0
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a Number of new patients is a poor predictor of monthly income (Y). |
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b There is insufficient evidence at the α =0.10 to conclude that number of new patients (X) is a useful linear predictor of monthly income (Y). |
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c There is sufficient evidence at the α =0.05 to conclude that number of new patients (X) is a useful linear predictor of monthly income (Y). |
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d For every new patient, we expect a monthly income to increase $126. |
left tailed pvalue for B1=0.000126
A two tailed pvalue=2*0.000126=0.000252
As we have pvalue<0.05, we can say B1 is significant.
Ans-> C) There is sufficient evidence at 5% level to conclude that number of new patients is a useful linear predictor of mnthly income.
A surgical practice reported the results of a regression analysis, designed to predict the monthly income...
A surgical practice reported the results of a regression analysis, designed to predict the monthly income the surgeons bring into the practice (Y) – measured in thousands of dollars. One independent variable used to predict monthly income for the surgical practice is the number of new patients (X) enrolled by each surgeon. The firm samples 12 surgeons and determines for each the number of new patients they have enrolled monthly and the amount in thousands of dollars they have brought...
A surgical practice reported the results of a regression analysis, designed to predict the monthly income the surgeons bring into the practice (Y) – measured in thousands of dollars. One independent variable used to predict monthly income for the surgical practice is the number of new patients (X) enrolled by each surgeon. The firm samples 12 surgeons and determines for each the number of new patients they have enrolled monthly and the amount in thousands of dollars they have brought...
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The general manager of a chain of pharmaceutical stores reported the results of a regression analysis, designed to predict the annual sales for all the stores in the chain (Y) – measured in millions of dollars. One independent variable used to predict annual sales of stores is the size of the store (X) – measured in thousands of square feet. Data for 14 stores were used to fit a linear model. The results of the simple linear regression are provided...
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