Homework Help is Here – Start Your Trial Now!
Math
Statistics
(d) Find and interpret the slope of the regression line. (e) Find and interpret the intercept of the regression line. (f) Write down the regression equation. (g) Find and interpret the coefficient of determination. (h) Find and interpret the standard error

(d) Find and interpret the slope of the regression line. (e) Find and interpret the intercept of the regression line. (f) Write down the regression equation. (g) Find and interpret the coefficient of determination. (h) Find and interpret the standard error

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question

Answer sub parts D, E AND F

All computations should be done manually. • Ensure that you show ALL workings. Partial marks will be awarded if the final answer is correct but workings are missing or incomplete. A leading company established in Jamaica is planning to extend its marketing region to include the entire Caribbean. In order to predict its sales in this new region, the company has asked you to develop a linear regression of the company's sales on the price of the good. The following data was supplied by the marketing department: Sales 418 384 343 407 432 194 231 207 89 Price 98 386 444 255 149 427 195 (a) Decide which variable should be the independent variable and which should be the dependent variable. Justify your decision. (b) Prepare a scatterplot of the data points. Does it appear from inspection that there is a relationship between the variables? Why or why not? (c) Compute ΣΧ. ΣΧ. ΣΥ. ΣΥΖ and Σ ΧΥ. (d) Find and interpret the slope of the regression line. (e) Find and interpret the intercept of the regression line. (f) Write down the regression equation. (g) Find and interpret the coefficient of determination. (h) Find and interpret the standard error. (1) Use the 5% level of significance to examine whether the independent variable is a good predictor for the dependent variable. In responding, state the null hypothesis(es) in words, the decision rule and make the decision for each hypothesis. (1) Would the simple regression be useful in predicting sales given a price of 300? In responding, state the null hypothesis(es) in words, the decision rule for a = 0.05 and make the decision for each hypothesis. (k) Find and interpret a 95% confidence interval for the slope of the regression line. (1) Find and interpret a 90% confidence interval for the sales when the corresponding price is $100.
Transcribed Image Text:All computations should be done manually. • Ensure that you show ALL workings. Partial marks will be awarded if the final answer is correct but workings are missing or incomplete. A leading company established in Jamaica is planning to extend its marketing region to include the entire Caribbean. In order to predict its sales in this new region, the company has asked you to develop a linear regression of the company's sales on the price of the good. The following data was supplied by the marketing department: Sales 418 384 343 407 432 194 231 207 89 Price 98 386 444 255 149 427 195 (a) Decide which variable should be the independent variable and which should be the dependent variable. Justify your decision. (b) Prepare a scatterplot of the data points. Does it appear from inspection that there is a relationship between the variables? Why or why not? (c) Compute ΣΧ. ΣΧ. ΣΥ. ΣΥΖ and Σ ΧΥ. (d) Find and interpret the slope of the regression line. (e) Find and interpret the intercept of the regression line. (f) Write down the regression equation. (g) Find and interpret the coefficient of determination. (h) Find and interpret the standard error. (1) Use the 5% level of significance to examine whether the independent variable is a good predictor for the dependent variable. In responding, state the null hypothesis(es) in words, the decision rule and make the decision for each hypothesis. (1) Would the simple regression be useful in predicting sales given a price of 300? In responding, state the null hypothesis(es) in words, the decision rule for a = 0.05 and make the decision for each hypothesis. (k) Find and interpret a 95% confidence interval for the slope of the regression line. (1) Find and interpret a 90% confidence interval for the sales when the corresponding price is $100.
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS