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. Time108613191827107Money582541518481874515 r2r2 = ____(Round to two decimal places) Interpret r2r2 : Given any group that spends a fixed amount of time at the store, 77% of all of those customers will spend the predicted amount of money at the store.There is a large variation in the amount of money that customers spend at the store, but if you only look at customers who spend a fixed amount of time at the store, this variation on average is reduced by 77%.There is a 77% chance that the regression line will be a good predictor for the amount of money spent at the store based on the time spent at the store.77% of all customers will spend the average amount of money at the store.

Given that: X Y X \cdot YX⋅Y X^2X2 Y^2Y2 10 58 580 100 3364 8 25 200 64 625 6 41…

Answered: grocery store manager did a study to…

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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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	10	8	6	13	19	18	27	10	7
Money	58	25	41	51	84	81	87	45	15

r2r2 = ____(Round to two decimal places)
Interpret r2r2 :
- Given any group that spends a fixed amount of time at the store, 77% of all of those customers will spend the predicted amount of money at the store.
- There is a large variation in the amount of money that customers spend at the store, but if you only look at customers who spend a fixed amount of time at the store, this variation on average is reduced by 77%.
- There is a 77% chance that the regression line will be a good predictor for the amount of money spent at the store based on the time spent at the store.
- 77% of all customers will spend the average amount of money at the store.

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