Regression Statirties Muiple R R Square Practice Problem 3 0.9645 0.9303 Adjusted RSquare 0.9283 Standard Error Observations 230.5 37 The owner of an ice cream shop records the daily high temperature and daily sales for 37 days during the summer. Daily high temperatures ranged fro 100 degrees. Sales ranged from $1,824 to $4,783. Type your answers in this text box. ANOVA a. Interpret bo in the context of this problem. SgniticanceF 1 24821242.3 24821242.3 467. 1819406 7.90202E-22 AMS Regression Residual 35 1859539.95 53129.7128 Total 36 26680782.3 Ob. Interpret bi in the context of this problem. Conlicient. Standard Enor -3817.8 342.707286 88.011 4.07186316 Lower S bw 0:oww Kerper Star -11. 140038 4.67134E-13 -4513.50494 -3122 -4513.5 -3122 21614392 7.90202E-22 79.74452478 96.277 79.745 96.277 Pvale ntercept Temperature c. What percent of total variation in sales is explained by the regression model? Provide evidence to support your answer. d. Can the daily high temperature explairsales? Provide evidence to support your answer.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
The owner of an ice cream shop records the daily high temperature and daily sales for 37 days during the summer. Daily high temperatures
Attached file.
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From the given excel output,
|
|
Coefficient |
Standard error |
P-value |
|
Intercept |
-3817.8 |
342.707286 |
0.000 |
|
Temperature |
88.011 |
4.07186316 |
0.000 |
The R-square is 0.9303.
By using the given information, the regression model is:
From the given information,
the p-value is less than 0.05 level of significance for both the overall regression model and the independent variable (temperature). Thus, the model and variable both are statistically significant.
3).
a).
Interpretation of b0 of a regression line,
The y-intercept of the least-squares regression means that the expected mean value of Y when all values of X are 0.
Thus, it can be interpreted as:
If the temperature is 0, then the predicted value of daily sales will be -3817.8.
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