16. Assume you are an objective statistician and you will only use a model in wh
ID: 3293722 • Letter: 1
Question
16. Assume you are an objective statistician and you will only use a model in which all the coefficients are statistically significant. What would you suggest as a salary for a player with the following statistics: 10 GAMESPLAYED, had 100 BATS, 200 STRIKES, 20 WICKETS and 100 WIDES?
a. $8,463,000
b. $7,820,000
c. $88,000,000
d. $8,381,000
17. Using the model that explains more of the variation in salary. What would be the impact on salary of playing one more game?
a. A salary reduction of $80,000
b. A salary reduction of $130,000
c. A salary increase of $80,000
d. A salary increase of $130,000
18. Looking at the two models how confident are you with the value of the coefficient for BATS?
a. Very confident
b. Confident
c. Not confident
19. Which is worth more, a WICKET or a WIDE?
a. A WICKET
b. A WIDE
c. They’re both worth the same
d. We can’t tell from this data
20. In Model A. What percentage of the variation in the Dependent variable is explained by the Independent variables?
a. 17.5%
b. 43%
c. 0.03%
d. 13.8%
21. Suppose there was a drug that would enable a player to score 100 more WIDES. Also suppose that the Brockian Ultra-Cricket association has declared this drug to be on the banned substance list and has set the fine for being caught at $1,000,000. There is a 50% chance that they will catch an athlete using the drug. Will the rational athlete use the drug?
a. Yes
b. No
22. Suppose there was a drug that would enable a player to play 5 more games. Also suppose that the Brockian Ultra-Cricket association has declared this drug to be on the banned substance list and has set the fine for being caught at $1,000,000. There is a 50% chance that they will catch an athlete using the drug. Will the rational athlete use the drug?
a. Yes
b. No
Use the Following two salary models for Bxockian-Ultra Cricket to answer questions 16-22: MODEL A: - Salary = Bo + 61GAM ESPLAYED+ B2BATS+ 63STRIKEs- SUMMARY OUTPUT » Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 0.371813975 0.138245632 0.126704279 4075544.36 228 ANOVA Significance F 5.9688E+14 1.9896E+14 11.97828626 2.6504E-07 MS Regression Residual Total 224 3.72065E+15 1.66101E+13 227 4.31753E+15 Coefficients Standard Error tStat P-value Intercept GAMESPLAYED BATS STRIKES Lower 95% Upper 95% Lower 95.0% Upper 95.0% 8,500,000 1979039.523 4.2697777 2.89692E-05 4549152.465 12348986.42 4549152.465 12348986.42 80,00028279.30251 2.740941937 0.00660692-133239.429721784.4227 -133239.4297-21784.4227 3,000 2497.421415 1.35910325 0.175480662 1527.192452 8315.699578 -1527.1924528315.699578 0,000 11389.42854 3.356896479 0.000925961 15788.99985 60677.2653 15788.99985 60677.26533 Model B: Salary = Bo + 61GAM ESPLAYED+B2WICKETS + 63WIDES J SUMMARY OUTPUT Regression Statistics MultipleR R Square Adjusted R Square Standard Error Observations 0.683655527 0.46738488 0.460251642 3204059.875 228 ANOVA MS Significance F 3 2.01795E+15 6.7265E+14 65.52211863 1.87861E-30 Regression Residual Total 224 2.29958E+15 1.0266E+13 227 4.31753E+15 Coefficients Standard Error t Stat P-value Intercept GAMESPLAYED WICKETS WIDES Lower 95% Upper 95% Lower 95.0% Upper 95.0% 8,500,000 1552057.281 5.586497917 6.68696E-08 5612063.675 11729065.85 5612063.675 11729065.85 130,000 22724.84505 -5.840701027 1.815E-08-177510.8546 -87947.19709 -177510.8546 -87947.19709 6,000 540.0392968 11.11482436 3.82692E-23 4938.2345747066.649289 4938.234574 7066.649289 5,0001252.980756 3.633856285 0.000346272 2084.014383 7022.289606 2084.014383 7022.2896063Explanation / Answer
16) From Model 2,
Salary = 8500000-130000Gamesplayed +6000wickts + 5000Wides
= 8500000-130000**10 +6000*20 + 5000*100 = 7,820,000
Correct Answer: option (B)
17) Correct Answer: b. A salary reduction of $130,000
18) Correct Anwer: c) not confidence
19) Correct Answer: a) Wicket
20) Correct Answer: d. 13.8% (R-squared)
21) Correct Answer: a) yes
21) Correct Answer: a) No
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.