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A beachside ice cream shop is investigating the effect weather has on its ice cream sales. Recognizing that weekdays and weekends could have very different
A beachside ice cream shop is investigating the effect weather has on its ice cream sales. Recognizing that weekdays and weekends could have very different sales, the owner decides to track the midday temperature (in .C) from Monday to Friday over the course of one week and matches this to the daily sales. The findings are summarized in the table and graph below. Day Monday Tuesday Wednesday Thursday Friday X - Temperature ( C) 2.4 33. 30.3 24.8 32.4 Y - Daily Sales ($) 2434.56 2348.78 2151.69 1918.32 2163.88 2500 2250 2006 1750 1500 1250 1000 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 a) Calculate and interpret the correlation coefficient by first calculating SSx, SSy, and SP. Round your answers to four decimal places. SSx = SSy SP = Correlation coefficient interpretation: b) Perform a hypothesis test to determine whether the correlation is statistically significant. Use a significance level of a = 0.05. Round both answers to three decimal places Test Statistic Critical Value: Is the correlation significant? ? " Even if the relationship is not significant, answer the following questions: c) Calculate the equation for the regression line. Round each coefficient to four decimal places and use these rounded values in the equation. Hint: Some of the values from above may be useful. Slope: b = Intercept: a = Equation: y = d) Interpret the slope within the context of the question. e) What does the equation predict the sales will be for a day with a midday temperature of 32.4.C? Use the rounded coefficients for this calculation and round your answer to two decimal places. Prediction: y = $ f) One of the five days observed had a midday temperature of 32.4.C and sales of $2434.56. What is the residual error for the point (32.4,2434.56)? Round your answer to two decimal places. y- y =
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