Statistics for Business: Regression, Correlation, and Analysis

This document provides a comprehensive solution to a business statistics assignment. It begins with a detailed analysis of correlation and regression, calculating the correlation coefficient and constructing a least squares line. The solution then addresses hypothesis testing, evaluating the significance of price coefficients and the correlation between price and sound quality using t-tests. Furthermore, the assignment explores probability calculations, including conditional probabilities and the construction of a probability tree. Finally, it delves into descriptive statistics, calculating measures of central tendency (mean, median, mode), standard deviation, and identifying outliers using standardization and the empirical rule. The solution includes calculations, interpretations, and appropriate statistical tests, demonstrating a strong understanding of statistical concepts and their application to business scenarios.