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The November 24, 2001, issue of The Economist published economic data for 15

Statistics for Engineers and Scientists | 4th Edition | ISBN: 9780073401331 | Authors: William Navidi ISBN: 9780073401331 38

Solution for problem 17 Chapter 8.1

Statistics for Engineers and Scientists | 4th Edition

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Statistics for Engineers and Scientists | 4th Edition | ISBN: 9780073401331 | Authors: William Navidi

Statistics for Engineers and Scientists | 4th Edition

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Problem 17

The November 24, 2001, issue of The Economist published economic data for 15 industrialized nations. Included were the percent changes in gross domestic product (GDP), industrial production (IP), consumer prices (CP), and producer prices (PP) from Fall 2000 to Fall 2001, and the unemployment rate in Fall 2001 (UNEMP). An economist wants to construct a model to predict GDP from the other variables. A fit of the model GDP = 0 + 1IP + 2UNEMP + 3CP + 4PP + yields the following output: The regression equation is GDP = 1.19 + 0.17 IP + 0.18 UNEMP + 0.18 CP 0.18 PP Predictor Coef SE Coef T P Constant 1.18957 0.42180 2.82 0.018 IP 0.17326 0.041962 4.13 0.002 UNEMP 0.17918 0.045895 3.90 0.003 CP 0.17591 0.11365 1.55 0.153 PP 0.18393 0.068808 2.67 0.023 a. Predict the percent change in GDP for a country with IP = 0.5, UNEMP = 5.7, CP = 3.0, and PP = 4.1. b. If two countries differ in unemployment rate by 1%, by how much would you predict their percent changes in GDP to differ, other things being equal? c. CP and PP are both measures of the inflation rate. Which one is more useful in predicting GDP? Explain. d. The producer price index for Sweden in September 2000 was 4.0, and for Austria it was 6.0. Other things being equal, for which country would you expect the percent change in GDP to be larger? Explain.

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A) How many units must be sold to breakeven B) What is the dollar amount coming in for the dollar amount going out -- should they be the same when you breakeven Guided Practice : 1)A grocer needs to mix raisins at $2.00 per pound with granola at $3.25 per pound to obtain 10 pounds of a mixture that costs $2.50 per pound.How many pounds of raisins and how many pounds of granola must be used 2)A coin purse contains a mixture of 15 coins in nickels and dimes.The coins have a total value of $1.10.Determine the number of nickels and the number of dimes in the purse. 3)A wine company needs to blend a California wine with a 5% alcohol content and a French wine with a 9% alcohol content to obtain 200 gallons of wine with a 7% alcohol

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Chapter 8.1, Problem 17 is Solved
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Textbook: Statistics for Engineers and Scientists
Edition: 4
Author: William Navidi
ISBN: 9780073401331

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The November 24, 2001, issue of The Economist published economic data for 15