A grocery store manager did a study to look at the relationship between the amount of time (in minutes)customers spend in the store and the amount of money (in dollars) they spend. The results of the surveyare shown below.Time1221142710191016Money42875686| 31873256a. Find the correlation coefficient: r =0.92o Round to 2 decimal places.b. The null and alternative hypotheses for correlation are:Ho: pv = 0H1: pv + o oThe p-value is:0.0012o (Round to four decimal places)c. Use a level of significance of aof the study.0.05 to state the conclusion of the hypothesis test in the contextO There is statistically insignificant evidence to conclude that there is a correlation between theamount of time customers spend at the store and the amount of money that they spend at thestore. Thus, the use of the regression line is not appropriate.O There is statistically significant evidence to conclude that there is a correlation between theamount of time customers spend at the store and the amount of money that they spend at thestore. Thus, the regression line is useful.O There is statistically significant evidence to conclude that a customer who spends more timeat the store will spend more money than a customer who spends less time at the store.O There is statistically insignificant evidence to conclude that a customer who spends more timeat the store will spend more money than a customer who spends less time at the store.d. r2(Round to two decimal places)e. Interpret r2 :O There is a 84% chance that the regression line will be a good predictor for the amount ofmoney spent at the store based on the time spent at the store.O 84% of all customers will spend the average amount of money at the store.O There is a large variation in the amount of money that customers spend at the store, but if youonly look at customers who spend a fixed amount of time at the store, this variation onaverage is reduced by 84%.O Given any group that spends a fixed amount of time at the store, 84% of all of those customerswill spend the predicted amount of money at the store.f. The equation of the linear regression line is:=(Please show your answers to two decimal places)g. Use the model to predict the amount of money spent by a customer who spends 20 minutes at thestore.Dollars spent =(Please round your answer to the nearest whole number.)h. Interpret the slope of the regression line in the context of the question:As x goes up, y goes up.O The slope has no practical meaning since you cannot predict what any individual customer willspend.OFor every additional minute customers spend at the store, they tend to spend on averge $3.74more money at the store.i. Interpret the y-intercept in the context of the question:O The y-intercept has no practical meaning for this study.O The best prediction for a customer who doesn't spend any time at the store is that thecustomer will spend $-0.75.O The average amount of money spent is predicted to be S-0.75.O If a customer spends no time at the store, then that customer will spend $-0.75.

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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