Answer all of the questions

Question 4 (a) A small independent organic food store offers a variety of specialty coffees. To determine whether price has an impact on sales, the manager kept track of how many pounds of each variety of coffee were sold last month. Price per pound Pound sold $3.99 75 $5.99 60 $7.00 65 $12.00 45 $4.50 80 $7.50 70 $15.00 25 $10.00 35 $12.50 40 $8.99 Simple regression model is fitted to these data, the Microsoft Excel summary output are given as follows. SUMMARY OUTPUT Regression Statistics Multiple R 0.93 R Square 0.86 Adjusted R Square 0.84 Standard Error 7.31 Observations 10 ANOVA MS F Significance F Regression 594.71 2594.71 48.52 0.0001 Residual 427.79 53.47 Total 3022.50 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 88.0% Upper 88.0% Intercept 95.47 6.32 15.11 3.65E-07 80.90 110.04 34.47 106.47 Price per pound -4.68 0.67 -6.97 0.0001 -6.23 -3.13 -5.85 -3.51 Page 3 of 4 Sept. Dec. 2021 Final Examination BB1 13/BBS1063 Statistics and Its Applications (i) Write the regression equation for the data. (2 marks) (in) Does the y-intercept carry any practical interpretation in this problem? Explain your answer. (2 marks) (iii) Interpret the slope of the problem in words. (2 marks) iv) Predict and interpret the sales if the price per pound is $6.00. (2 marks) V) Interpret the 88% confidence interval estimate of the slope in this problem. (2 marks) (vi) Based on part (v), do the data provide sufficient evidence to conclude that the sales is linearly related to the price? (2 marks) (vii) Interpret the coefficient of determination, rain this problem. (2 marks)