3) Data were collected to explain the amount of a customer's purchase (expressed in $'s) based on the amount of time the customer has spent on the company's website (expressed in minutes) Complete the Table Below Regression Statistics Multiple R R Square Adjusted R Square 0.508 Standard Error Observations 12 ANOVA df SS MS F Significance F Regression 63067.3 0.005598142 Residual 51086.4 Total Standard Upper 95% Coefficients Error t Stat P-value Lower 95% Intercept -3.53 42.21 0.935 Time 7.12 2.03 0.006
3) Data were collected to explain the amount of a customer's purchase (expressed in $'s) based on the amount of time the customer has spent on the company's website (expressed in minutes) Complete the Table Below Regression Statistics Multiple R R Square Adjusted R Square 0.508 Standard Error Observations 12 ANOVA df SS MS F Significance F Regression 63067.3 0.005598142 Residual 51086.4 Total Standard Upper 95% Coefficients Error t Stat P-value Lower 95% Intercept -3.53 42.21 0.935 Time 7.12 2.03 0.006
3) Data were collected to explain the amount of a customer's purchase (expressed in $'s) based on the amount of time the customer has spent on the company's website (expressed in minutes) Complete the Table Below Regression Statistics Multiple R R Square Adjusted R Square 0.508 Standard Error Observations 12 ANOVA df SS MS F Significance F Regression 63067.3 0.005598142 Residual 51086.4 Total Standard Upper 95% Coefficients Error t Stat P-value Lower 95% Intercept -3.53 42.21 0.935 Time 7.12 2.03 0.006
Data were collected to explain the amount of a customer’s purchase (expressed in $’s) based on the amount of time the customer has spent on the company’s website (expressed in minutes)
Based on the regression results, answer the following questions
a) What is the estimated regression equation?
b) What percentage of the variation in purchase amount is explained by time?
c) What is the correlation between purchase amount and time?
Transcribed Image Text:3)
Data were collected to explain the amount of a customer's ourchase (expressed in $'s) based on the
amount of time the customer has spent on the company's website (expressed in minutes)
Complete the Table Below
Regression
Statistics
Multiple R
R Square
Adjusted R Square
0.508
Standard Error
Observations
12
ANOVA
df
SS
MS
F
Significance F
Regression
63067.3
0.005598142
Residual
51086.4
Total
Standard
Error
Upper
95%
Coefficients
t Stat
P-value
Lower 95%
Intercept
-3.53
42.21
0.935
Time
7.12
2.03
0.006
Definition Definition Relationship between two independent variables. A correlation tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
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