Mathematics, 19.10.2021 16:00 zahid79
A professional chef has had many different amounts of items offered on her menus throughout the years. She was interested in seeing if the amount of items on the menu was correlated with the amount of revenue she earned. She recorded the amount of items on the menu and the revenue she earned for 14 randomly chosen months. While she was analyzing the data she decided to make a Box Cox transformation of the data and she derived a lambda equal to 0.0015. What transformation does this value of lambda suggest?
a. With a lambda close to 0, it does not look like we need to re-express this data.
b. With a lambda close to 0, it looks like we should take the log of y.
c. With a lambda close to 0, it looks like we should take the square root of y.
d. With a lambda close to 0, it looks like we should take the log of x.
Answers: 2
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A professional chef has had many different amounts of items offered on her menus throughout the year...
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