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 survey are shown below. Time272217301719122322Money11772531066693538395 Find the correlation coefficient: r= Round to 2 decimal places.The null and alternative hypotheses for correlation are:H0:H0: ? μ r ρ == 0H1:H1: ? r ρ μ ≠≠ 0 The p-value is: (Round to four decimal places)Use a level of significance of α=0.05α=0.05 to state the conclusion of the hypothesis test in the context of the study.There is statistically significant evidence to conclude that a customer who spends more time at the store will spend more money than a customer who spends less time at the store.There is statistically significant evidence to conclude that there is a correlation between the amount of time customers spend at the store and the amount of money that they spend at the store. Thus, the regression line is useful.There is statistically insignificant evidence to conclude that there is a correlation between the amount of time customers spend at the store and the amount of money that they spend at the store. Thus, the use of the regression line is not appropriate.There is statistically insignificant evidence to conclude that a customer who spends more time at the store will spend more money than a customer who spends less time at the store. r2r2 = (Round to two decimal places) Interpret r2r2 : There is a 73% chance that the regression line will be a good predictor for the amount of money spent at the store based on the time spent at the store.73% of all customers will spend the average amount of money at the store.Given any group that spends a fixed amount of time at the store, 73% of all of those customers will spend the predicted amount of money at the store.There is a large variation in the amount of money that customers spend at the store, but if you only look at customers who spend a fixed amount of time at the store, this variation on average is reduced by 73%.The equation of the linear regression line is: ˆyy^ = + xx (Please show your answers to two decimal places) Use the model to predict the amount of money spent by a customer who spends 13 minutes at the store.Dollars spent = (Please round your answer to the nearest whole number.) Interpret the slope of the regression line in the context of the question: The slope has no practical meaning since you cannot predict what any individual customer will spend.As x goes up, y goes up.For every additional minute customers spend at the store, they tend to spend on averge $3.54 more money at the store.Interpret the y-intercept in the context of the question:The average amount of money spent is predicted to be $7.63.The y-intercept has no practical meaning for this study.The best prediction for a customer who doesn't spend any time at the store is that the customer will spend $7.63.If a customer spends no time at the store, then that customer will spend $7.63.

1) The correlation coefficient can be obtained by excel function as follow: Enter the data into…

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 survey are shown below. Time 27 22 17 30 17 19 12 23 22 Money 117 72 53 106 66 93 53 83 95 Find the correlation coefficient: r= Round to 2 decimal places. The null and alternative hypotheses for correlation are: H0:H0: ? μ r ρ == 0 H1:H1: ? r ρ μ ≠≠ 0 The p-value is: (Round to four decimal places) Use a level of significance of α=0.05α=0.05 to state the conclusion of the hypothesis test in the context of the study. There is statistically significant evidence to conclude that a customer who spends more time at the store will spend more money than a customer who spends less time at the store. There is statistically significant evidence to conclude that there is a correlation between the amount of time customers spend at the store and the amount of money that they spend at the store. Thus, the regression line is useful. There is statistically insignificant evidence to conclude that there is a correlation between the amount of time customers spend at the store and the amount of money that they spend at the store. Thus, the use of the regression line is not appropriate. There is statistically insignificant evidence to conclude that a customer who spends more time at the store will spend more money than a customer who spends less time at the store.

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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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 survey are shown below.

Time	27	22	17	30	17	19	12	23	22
Money	117	72	53	106	66	93	53	83	95

Find the correlation coefficient: r= Round to 2 decimal places.
The null and alternative hypotheses for correlation are:
H0:H0: ? μ r ρ  == 0
H1:H1: ? r ρ μ   ≠≠ 0
The p-value is:    (Round to four decimal places)
Use a level of significance of α=0.05α=0.05 to state the conclusion of the hypothesis test in the context of the study.
- There is statistically significant evidence to conclude that a customer who spends more time at the store will spend more money than a customer who spends less time at the store.
- There is statistically significant evidence to conclude that there is a correlation between the amount of time customers spend at the store and the amount of money that they spend at the store. Thus, the regression line is useful.
- There is statistically insignificant evidence to conclude that there is a correlation between the amount of time customers spend at the store and the amount of money that they spend at the store. Thus, the use of the regression line is not appropriate.
- There is statistically insignificant evidence to conclude that a customer who spends more time at the store will spend more money than a customer who spends less time at the store.
r2r2 = (Round to two decimal places)
Interpret r2r2 :
- There is a 73% chance that the regression line will be a good predictor for the amount of money spent at the store based on the time spent at the store.
- 73% of all customers will spend the average amount of money at the store.
- Given any group that spends a fixed amount of time at the store, 73% of all of those customers will spend the predicted amount of money at the store.
- There is a large variation in the amount of money that customers spend at the store, but if you only look at customers who spend a fixed amount of time at the store, this variation on average is reduced by 73%.
The equation of the linear regression line is:
ˆyy^ = + xx (Please show your answers to two decimal places)
Use the model to predict the amount of money spent by a customer who spends 13 minutes at the store.
Dollars spent = (Please round your answer to the nearest whole number.)
Interpret the slope of the regression line in the context of the question:
- The slope has no practical meaning since you cannot predict what any individual customer will spend.
- As x goes up, y goes up.
- For every additional minute customers spend at the store, they tend to spend on averge $3.54 more money at the store.
Interpret the y-intercept in the context of the question:
- The average amount of money spent is predicted to be $7.63.
- The y-intercept has no practical meaning for this study.
- The best prediction for a customer who doesn't spend any time at the store is that the customer will spend $7.63.
- If a customer spends no time at the store, then that customer will spend $7.63.

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