f. The equation of the linear regression line is: x (Please show your answers to two decimal places) g. Use the model to predict the amount of money spent by a customer who spends 10 minutes at the store. Dollars spent = |(Please round your answer to the nearest whole number.)

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

Please answer D, F, & G. 

f. The equation of the linear regression line is:
ŷ =
x (Please show your answers to two decimal places)
+
g. Use the model to predict the amount of money spent by a customer who spends 10 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 $2.75
more money at the store.
As x goes up, y goes up.
The slope has no practical meaning since you cannot predict what any individual customer will
spend.
i. Interpret the y-intercept in the context of the question:
The y-intercept has no practical meaning for this study.
If a customer spends no time at the store, then that customer will spend $22.66.
The best prediction for a customer who doesn't spend any time at the store is that the
customer will spend $22.66.
The average amount of money spent is predicted to be $22.66.
Transcribed Image Text:f. The equation of the linear regression line is: ŷ = x (Please show your answers to two decimal places) + g. Use the model to predict the amount of money spent by a customer who spends 10 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 $2.75 more money at the store. As x goes up, y goes up. The slope has no practical meaning since you cannot predict what any individual customer will spend. i. Interpret the y-intercept in the context of the question: The y-intercept has no practical meaning for this study. If a customer spends no time at the store, then that customer will spend $22.66. The best prediction for a customer who doesn't spend any time at the store is that the customer will spend $22.66. The average amount of money spent is predicted to be $22.66.
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
19
20
18
13
24
22
14
Money
77
66
73
65
87
93
55
a. Find the correlation coefficient: r =
0.83
o Round to 2 decimal places.
b. The null and alternative hypotheses for correlation are:
Ho:
= 0
H1:
The p-value is:
.0203
o (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.
O 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 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.
O 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 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.
d. r2
(Round to two decimal places)
Transcribed Image Text: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 19 20 18 13 24 22 14 Money 77 66 73 65 87 93 55 a. Find the correlation coefficient: r = 0.83 o Round to 2 decimal places. b. The null and alternative hypotheses for correlation are: Ho: = 0 H1: The p-value is: .0203 o (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. O 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 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. O 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 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. d. r2 (Round to two decimal places)
Expert Solution
steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Points, Lines and Planes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
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