7. We have collected some data from a sample of ten customers of a tour operator. The data showing the customers' annual salary and the amount spent on a package holiday is shown in the table below. Salary (£) Holiday Price (£) 23000 450 30000 870 27000 690 19000 380 21000 520 25000 400 20000 320 29000 700 24000 450 29000 800 Answer the following questions and give your answers to 2 decimal places. a) Using Excel functions, calculate the Pearson product-moment correlation coefficient and comment on the value. b) Using Excel functions, find the intercept and the slope for the regression equation. c) Write down the regression equation. d) Using Excel functions, calculate the Coefficient of Determination in percentage and interpret its value. e) A customer earns £20 000. Use appropriate Excel functions to predict the holiday price they are likely to pay. f) A customer earns £15 000. Use appropriate Excel functions to predict the holiday price they are likely to pay. g) Comment on the validity of the predictions made in parts (e) and (f). Give a reason for your answer.

MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
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Chapter1: Starting With Matlab
Section: Chapter Questions
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please send solution for part a
7. We have collected some data from a sample of ten customers of a tour operator.
The data showing the customers' annual salary and the amount spent on a package
holiday is shown in the table below.
Salary (£)
Holiday Price (£)
23000
450
30000
870
27000
690
19000
380
21000
520
25000
400
20000
320
29000
700
24000
450
29000
800
Answer the following questions and give your answers to 2 decimal places.
a) Using Excel functions, calculate the Pearson product-moment correlation
coefficient and comment on the value.
b) Using Excel functions, find the intercept and the slope for the regression
equation.
c) Write down the regression equation.
d) Using Excel functions, calculate the Coefficient of Determination in
percentage and interpret its value.
e) A customer earns £20 000. Use appropriate Excel functions to predict the
holiday price they are likely to pay.
f) A customer earns £15 000. Use appropriate Excel functions to predict the
holiday price they are likely to pay.
g) Comment on the validity of the predictions made in parts (e) and (f). Give a
reason for your answer.
Transcribed Image Text:7. We have collected some data from a sample of ten customers of a tour operator. The data showing the customers' annual salary and the amount spent on a package holiday is shown in the table below. Salary (£) Holiday Price (£) 23000 450 30000 870 27000 690 19000 380 21000 520 25000 400 20000 320 29000 700 24000 450 29000 800 Answer the following questions and give your answers to 2 decimal places. a) Using Excel functions, calculate the Pearson product-moment correlation coefficient and comment on the value. b) Using Excel functions, find the intercept and the slope for the regression equation. c) Write down the regression equation. d) Using Excel functions, calculate the Coefficient of Determination in percentage and interpret its value. e) A customer earns £20 000. Use appropriate Excel functions to predict the holiday price they are likely to pay. f) A customer earns £15 000. Use appropriate Excel functions to predict the holiday price they are likely to pay. g) Comment on the validity of the predictions made in parts (e) and (f). Give a reason for your answer.
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