Question
A linear model fit to predict weekly Sales of frozen pizza(in pounds) from the average Price($/unit) charged by a sample of stores in a city
A linear model fit to predict weekly Sales of frozen pizza(in pounds) from the average Price($/unit) charged by a sample of stores in a city in 39 weeks over athree-year period is shown below. Complete parts a through f.
Sales=145,25824,954Price
a) What is the explanatoryvariable?
a) Sales
b) Price
b) What is the responsevariable?
a) Price
b) Sales
c) What does the slope mean in thiscontext?
A. Sales decrease by 24,954 pounds per dollar.
B. Price increases by 24,954 dollars per pound.
C. Price decreases by 24,954 dollars per pound.
D. Sales increase by 24,954 pounds per dollar.
d) What does they-intercept mean in thiscontext? Is itmeaningful?
A. $145,258 is a base value that is meaningful because the sales will be 0 pounds.
B. 145,258 pounds is a base value that is meaningful because the price will be$0.
C. 145,258 pounds is a base value that is not meaningful because the price will not be$0.
D. $145,258 is a base value that is not meaningful because the sales will not be 0 pounds.
e) What do you predict the sales to be if the average price charged was$3.50 for apizza?
The predicted sales would be __ pounds.
f) If the sales for a price of$3.50 turned out to be60,000 pounds, what would the residualbe?
The residual would be __ pounds.
Please show all work, thanks!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started