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 areshown below.TimeMoney 122 7230 22 203064 122 10430 22 198188a. Find the correlation coefficient: r =b. The null and alternative hypotheses for correlation are:Ho: ?=0H₁: ?0The p-value is:Round to 2 decimal places.(Round to four decimal places)c. Use a level of significance of a = 0.05 to state the conclusion of the hypothesis test in the context ofthe study.There is statistically insignificant evidence to conclude that a customer who spends more time atthe store will spend more money than a customer who spends less time at the store.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.d. ² =e. Interpret ²:There is statistically significant evidence to conclude that a customer who spends more time atthe 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 theamount of time customers spend at the store and the amount of money that they spend at thestore. Thus, the regression line is useful.(Round to two decimal places)There is a 77% chance that the regression line will be a good predictor for the amount of moneyspent at the store based on the time spent at the store.Given any group that spends a fixed amount of time at the store, 77% of all of those customerswill spend the predicted amount of money at the store.77% 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 on average isreduced by 77%.f. The equation of the linear regression line is:y =(Please show your answers to two decimal places) f. The equation of the linear regression line is:y=(Please show your answers to two decimal places)g. Use the model to predict the amount of money spent by a customer who spends 14 minutes at the store.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:O For every additional minute customers spend at the store, they tend to spend on averge $4.04more money at the store.The slope has no practical meaning since you cannot predict what any individual customer willspend.As x goes up, y goes up.i. Interpret the y-intercept in the context of the question:Olf a customer spends no time at the store, then that customer will spend $-6.51.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 the customerwill spend $-6.51.O The average amount of money spent is predicted to be $-6.51.

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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 Money 122 72 30 22 20 30 30 22 19 64 122 104 81 88 Round to 2 decimal places. a. Find the correlation coefficient: r = b. The null and alternative hypotheses for correlation are: Ho: ?=0 H₁: ? #0 The p-value is: (Round to four decimal places) c. Use a level of significance of a = 0.05 to state the conclusion of the hypothesis test in the context of the study. 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. 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 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.

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...