Let y = sales at a fast-food outlet (1000s of $), x, = number of competing outlets within a 1-mile radius, x, = population within a 1-mile radius (1000s of people), and x, be an indicator variable that equals 1 if the outlet has a drive-up window and 0 othervise. Suppose that the true regression model i Y= 12.00 - 1.1x, + 6.8x, + 15.3x, + (a) What is the mean value of sales when the number of competing outlets is 3, there are 8000 people within a 1-mile radius, and the outlet has a drive-up window? (Round your answer to one decimal place.) thousand dollars (b) What is the mean value of sales for an outlet without a drive-up window that has four competing outlets and 4000 people within a 1-mile radius? (Round your answer to one decimal place.) thousand dollars (c) Interpret . O There are on average 15.3 fast-food outlets with drive-ups in a 1 mile radius. O It takes $15,300 to build a drive-up. O Approximately 1 in 15.3 fast-food outlets have drive-ups. O A drive-up will add $15,300 to total sales.

Let y = sales at a fast-food outlet (1000s of $), x, = number of competing outlets within a 1-mile radius, x, = population within a 1-mile radius (1000s of people), and x, be an indicator variable that equals 1 if the outlet has a drive-up window and 0 othervise. Suppose that the true regression model i Y= 12.00 - 1.1x, + 6.8x, + 15.3x, + (a) What is the mean value of sales when the number of competing outlets is 3, there are 8000 people within a 1-mile radius, and the outlet has a drive-up window? (Round your answer to one decimal place.) thousand dollars (b) What is the mean value of sales for an outlet without a drive-up window that has four competing outlets and 4000 people within a 1-mile radius? (Round your answer to one decimal place.) thousand dollars (c) Interpret . O There are on average 15.3 fast-food outlets with drive-ups in a 1 mile radius. O It takes $15,300 to build a drive-up. O Approximately 1 in 15.3 fast-food outlets have drive-ups. O A drive-up will add $15,300 to total sales.

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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Concept explainers

Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.

Question

Let y = sales at a fast-food outlet (1000s of $), x, = number of competing outlets within a 1-mile radius, x, = population within a 1-mile radius (1000s of people), and x, be an indicator variable that equals 1 if the outlet has a drive-up window and o
otherwise. Suppose that the true regression model is
Y = 12.00 - 1.1x, + 6.8x, + 15.3x, + E
(a) What is the mean value of sales when the number of competing outlets is 3, there are 8000 people within a 1-mile radius, and the outlet has a drive-up window? (Round your answer to one decimal place.)
thousand dollars
(b) What is the mean value of sales for an outlet without a drive-up window that has four competing outlets and 4000 people within a 1-mile radius? (Round your answer to one decimal place.)
thousand dollars
(c) Interpret B.
O There are on average 15.3 fast-food outlets with drive-ups in a 1 mile radius.
O It takes $15,300 to build a drive-up.
O Approximately 1 in 15.3 fast-food outlets have drive-ups.
O A drive-up will add $15,300 to total sales.

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