Help please Below is some of the regression output from a simple regression of the gas mileage (expressed in miles per gallon) (MPG) an automobile gets and the size of the car's engine (expressed in cubic liters) and carweight (expressed in tons)Regression StatisticsMultiple RR. SquareAdjusted R. SquareStandard ErrorObservations0.98210ANOVAdfSSMS FSignificance FRegressionResidual574.7287.4 96.38.08847E-063.0Total9595.6Coefficients21.86 0.000 48.4460.19Standard Errort Stat P-value Lower 95%Upper 95%2.481.73.5IT BECInterceptEngine Size54.0-4.5Weight-15.20.0540.003-24.410.09Based on the regression output, what is R² (or coefficient of determination)? (please express your answer using 3 decimal places)

Step 1: r-squared (coefficient of determination) explain the percentage of variability that is…

Answered: Below is some of the regression output…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter14: Data Mining

Section14.2: Classification Methods

Problem 1P: The file P14_01.xlsx contains data on 100 consumers who drink beer. Some of them prefer light beer,...

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The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?
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A small computer chip manufacturer wants to forecast monthly ozperating costs as a function of the number of units produced during a month. The company has collected the 16 months of data in the file P13_34.xlsx. a. Determine an equation that can be used to predict monthly production costs from units produced. Are there any outliers? b. How could the regression line obtained in part a be used to determine whether the company was efficient or inefficient during any particular month?
Management of a home appliance store would like to understand the growth pattern of the monthly sales of Blu-ray disc players over the past two years. Managers have recorded the relevant data in the file P13_33.xlsx. a. Create a scatterplot for these data. Comment on the observed behavior of monthly sales at this store over time. b. Estimate an appropriate regression equation to explain the variation of monthly sales over the given time period. Interpret the estimated regression coefficients. c. Analyze the estimated equations residuals. Do they suggest that the regression equation is adequate? If not, return to part b and revise your equation. Continue to revise the equation until the results are satisfactory.
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