Question
A market manager of a large supermarket chain used shelf space for pet food to predict weekly sales. The manager collected data on shelf space
A market manager of a large supermarket chain used shelf space for pet food to predict weekly sales. The manager collected data on shelf space and weekly sales from a random sample of 12 equal-sized stores. For thosedata, SSR=19,915 and SST=29,546. Use this information to complete parts(a) through(c) below.
Determine the coefficient ofdetermination, r2, and interpret its meaning.
r2=___ (Round to three decimal places asneeded.)
Interpret the meaning of r2.
It means that ___% of the variation in
shelf space
pet food sales
can be explained by the variation in
pet food sales.
shelf space.
(Round to one decimal place asneeded.)
b. Determine the standard error of the estimate.
SYX=____(Round to four decimal places asneeded.)
c. How useful do you think this regression model is for predicting weekly pet foodsales?
A.
It is very useful for predicting weekly pet food sales because the coefficient of determination is close to 1.
B.
It is not very useful for predicting weekly pet food sales because the coefficient of determination is close to 1.
C.
It is not very useful for predicting weekly pet food sales because the coefficient of determination is close to 0.
D.
It is very useful for predicting weekly pet food sales because the coefficient of determination is close to 0.
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College Algebra Graphs and Models
Authors: Marvin L. Bittinger, Judith A. Beecher, David J. Ellenbogen, Judith A. Penna
5th edition
321845404, 978-0321791009, 321791002, 978-0321783950, 321783956, 978-0321845405
