A researcher believed that the number of rental cars in service by a car rental company would have an impact on the total annual revenue for that car rental company. Five small car rental companies were surveyed, with the number of Cars in service recorded in units of 1000 (so if a car rental company had 54000 cars in service, a 54 would be recorded) and Annual Revenue measured in millions of dollars (so an Annual Revenue of $10,000,000 would be recorded as 10). The data follows: Cars (1000s) Annual Revenue ($ millions) 11.5 118 10.0 135 9.0 100 5.5 37 3.3 32 Part of the Excel-generated Simple Linear Regression output is provided below: Regression Statistics Multiple R 0.940331133 R Square 0.884222639 Adjusted R Square 0.845630185 Standard Error 18.55923942 Observations 5 a. State the value of the (Pearson's) Correlation Coefficient as shown in this output. Round off your answer to the fourth decimal place. The (Pearson's) Correlation Coefficient, rounded off as instructed, is Blank 1. Fill in the blank, read surrounding text. b. State the value of the Coefficient of Determination as shown in this output. Round off your answer to the fourth decimal place. The Coefficient of Determination, rounded off as instructed, is Blank 2. Fill in the blank, read surrounding text.
A researcher believed that the number of rental cars in service by a car rental company would have an impact on the total annual revenue for that car rental company. Five small car rental companies were surveyed, with the number of Cars in service recorded in units of 1000 (so if a car rental company had 54000 cars in service, a 54 would be recorded) and Annual Revenue measured in millions of dollars (so an Annual Revenue of $10,000,000 would be recorded as 10). The data follows:
Cars (1000s) Annual Revenue ($ millions)
11.5 118
10.0 135
9.0 100
5.5 37
3.3 32
Part of the Excel-generated Simple Linear Regression output is provided below:
Regression Statistics
Multiple R 0.940331133
R Square 0.884222639
Adjusted R Square 0.845630185
Standard Error 18.55923942
Observations 5
a. State the value of the (Pearson's)
b. State the value of the Coefficient of Determination as shown in this output. Round off your answer to the fourth decimal place. The Coefficient of Determination, rounded off as instructed, is Blank 2. Fill in the blank, read surrounding text.
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