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.
Quadratic Equation
When it comes to the concept of polynomial equations, quadratic equations can be said to be a special case. What does solving a quadratic equation mean? We will understand the quadratics and their types once we are familiar with the polynomial equations and their types.
Demand and Supply Function
The concept of demand and supply is important for various factors. One of them is studying and evaluating the condition of an economy within a given period of time. The analysis or evaluation of the demand side factors are important for the suppliers to understand the consumer behavior. The evaluation of supply side factors is important for the consumers in order to understand that what kind of combination of goods or what kind of goods and services he or she should consume in order to maximize his utility and minimize the cost. Therefore, in microeconomics both of these concepts are extremely important in order to have an idea that what exactly is going on in the economy.
Step by step
Solved in 2 steps