Which ONE of the following statements regarding 0.581 on the summary output is correct?Group of answer choices0.581 is the correlation for TIP and PREDICTED-SALES AMOUNT.-0.581 (negative 0.581) is the correlation for SALES AMOUNT and TIP.-0.581 (negative 0.581) is the correlation for TIP and PREDICTED-TIP.0.581 is the correlation for TIP and PREDICTED-TIP.-0.581 (negative 0.581) is the correlation for SALES AMOUNT and PREDICTED-TIP.0.581 is the correlation for SALES AMOUNT and PREDICTED-SALES AMOUNT. The graph and the Excel summary output below are about the weekend salesand tips at a certain Sonny's restaurant in Tallahassee, FL. Use them toanswer the SONNY'S questions that follow.The data was gathered by Sonny's employee Joshua Gonzalez for his group project in mySummer 2007 STA 2122 class.SLRI SONNY'S SCATTERPLOT250225H200175•C150E125100*F7550A25100200300400500600700800900100011001200SALE AMOUNT ($)© 2020 Radha Bose Florida State University Department of StatisticsSUMMARY OUTPUTSONNY'SRegression StatisticsMultiple R0.58064672R Square0.337150613Adjusted R Square0.325722175Standard Error28.73607083Observations60($) dIL ANOVAdfSSMSFSignificance FRegression124360.8175424360.8175429.501023811.15405E-06Residual5847894.18246825.7617666Total5972255CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Intercept56.9565933412.273195184.6407306742.02919E-0532.3891241681.52406252Sale Amount0.1269936850.0233810275.4314844941.15405E-060.0801914750.173795894© 2020 Radha Bose Florida State University Department of Statistics

Multiple R in the excel output is used to interpret the strength of the linear relationship between the two variables. The value for multiple R ranges from 0 to 1, where 1 depicts a perfect positive relationship and 0 is no relationship between the two variables.The given value of multiple R of 0.581 depicts a fairly positive relationship between the sales amount and the number of tips earned by the outlet i.e. they both move in the same direction (as shown in the graph). Therefore, from the given options, first option is correct i.e. 0.581 is the correlation for the tips and the predicted sales amount.

Answered: Which ONE of the following statements…

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

Related questions

Concept explainers

Question

Which ONE of the following statements regarding 0.581 on the summary output is correct?

Group of answer choices

0.581 is the correlation for TIP and PREDICTED-SALES AMOUNT.

-0.581 (negative 0.581) is the correlation for SALES AMOUNT and TIP.

-0.581 (negative 0.581) is the correlation for TIP and PREDICTED-TIP.

0.581 is the correlation for TIP and PREDICTED-TIP.

-0.581 (negative 0.581) is the correlation for SALES AMOUNT and PREDICTED-TIP.

0.581 is the correlation for SALES AMOUNT and PREDICTED-SALES AMOUNT.

The graph and the Excel summary output below are about the weekend sales
and tips at a certain Sonny's restaurant in Tallahassee, FL. Use them to
answer the SONNY'S questions that follow.
The data was gathered by Sonny's employee Joshua Gonzalez for his group project in my
Summer 2007 STA 2122 class.
SLRI SONNY'S SCATTERPLOT
250
225
H
200
175
•C
150
E
125
100
*F
75
50
A
25
100
200
300
400
500
600
700
800
900
1000
1100
1200
SALE AMOUNT ($)
© 2020 Radha Bose Florida State University Department of Statistics
SUMMARY OUTPUT
SONNY'S
Regression Statistics
Multiple R
0.58064672
R Square
0.337150613
Adjusted R Square
0.325722175
Standard Error
28.73607083
Observations
60
($) dIL

ANOVA
df
SS
MS
F
Significance F
Regression
1
24360.81754
24360.81754
29.50102381
1.15405E-06
Residual
58
47894.18246
825.7617666
Total
59
72255
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Intercept
56.95659334
12.27319518
4.640730674
2.02919E-05
32.38912416
81.52406252
Sale Amount
0.126993685
0.023381027
5.431484494
1.15405E-06
0.080191475
0.173795894
© 2020 Radha Bose Florida State University Department of Statistics

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Correlation, Regression, and Association$

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.

Similar questions