please use this situation:A small theater company has a linear regression model to estimate y = the concession stand sales in dollars, based on knowing x = the number of people in attendance. The regression equation is: = 6.72x + 11.50 and the correlation coefficient was r = 0.781. The data set saw the number of people in attendance ranging from a minimum of 18 people to a maximum of 170 people. Interpret the slope of the regression equation in the context of the problem. If it would make sense, interpret the y-intercept and if it doesn’t make sense to do that say why. Predict the concession sales if there were 50 people in attendance. Then determine the residual for an observation in the data set where a play with 50 people in attendance had concession sales of $390.

The regression equation is ŷ = 6.72x + 11.50, where x is the number of people in attendance and y is…

Answered: A small theater company has a linear…

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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please use this situation:

A small theater company has a linear regression model to estimate y = the concession stand sales in dollars, based on knowing x = the number of people in attendance. The regression equation is: = 6.72x + 11.50 and the correlation coefficient was r = 0.781. The data set saw the number of people in attendance ranging from a minimum of 18 people to a maximum of 170 people.

Interpret the slope of the regression equation in the context of the problem. If it would make sense, interpret the y-intercept and if it doesn’t make sense to do that say why.

Predict the concession sales if there were 50 people in attendance. Then determine the residual for an observation in the data set where a play with 50 people in attendance had concession sales of $390.

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