This kind of applied learning fills parts of my days. . .
Since the calculated F-ratio 42.674 exceeds the critical F-value 4.54, the regression equation does provide evidence of a statically significant relation between voter support for proposition 103 in a county and changes in average auto premiums.
The F-value is Fk – 1,n – k = F 1,15 = 4.54.
k - 1 = number of independent variables (1).
n - k = number of observations minus number of parameters (17 - 2 = 15).
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- Based on net loss, the firm should hire two security guards. Instead of loosing $1,250 a week with no security guards, they will loose $900.
- When one security guard is hired, 20 fewer radios are stolen. The most the firm would be willing to pay to hire the first security guard is $500 (20 x $25).
- Based on net loss, the firm should hire four security guards. Instead of loosing $2,500 a week with no security guards, they will loose $1,200.
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