Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On the Data sheet, go to the Data Tab and click onData Analysis. Double click on Regression. ForInput Y Range, select the range C1:C29 and
On the Data sheet, go to the Data Tab and click onData Analysis. Double click on "Regression." ForInput Y Range, select the range C1:C29 and forInput X Range,select the range B1:B29. Check theLabels box and select Output Range underOutput Optionand type E1. |
In cell C4, find the covariance between the price and demand for the sample on the Data sheet. |
In cell C5, find the correlation between the price and demand for the sample on the Data sheet. |
By assessing the values in cells C4 and C5, what can you say about the relationship between the Price of the paint and Demand? Choose your answer from the dropdown menu in cell C6. |
Explain the answer you chose in cell C6. Choose your answer from the dropdown menu in cell C7. |
In cell C8, find the Y-Intercept (B0) of the Regression Equation from the Data Analysis output table on the Data sheet. |
In cell C9, find the Price (X variable) coefficient (B1) from the Data Analysis output table on the Data sheet. |
In cell C10, find the Coefficient of Determination (R2) from the Data Analysis output table on the Data sheet. |
In cell C11, find the Regression Sum of Squares (SSR) from the Data Analysis output table on the Data sheet. |
In cell C12, find the Error Sum of Squares (SSE) from the Data Analysis output table on the Data sheet. |
In cell C13, find the Total Sum of Squares (SST) from the Data Analysis output table on the Data sheet. |
In cell C14, find the value of Coefficient of Determination (R2) using SSR and SST. |
Explain what the value of R2 means. Choose your answer from the dropdown menu in cell C15. |
In cell C16, find the lowest price for which we can predict demand. |
In cell C17, find the highest price for which we can predict demand. |
In cell C18, predict the demand for a paint that is priced at $50 per gallon. |
Explain the relationship between the demand and price. Choose your answer from the dropdown menu in cell C19. |
Is the correlation coefficient related to the Coefficient of Determination? Choose your answer from the dropdown menu in cell C20. |
Test the hypothesis that there was no linear relationship between the paint price and demand. In cell C21, find the observed level of significance (p-value) from the Data Analysis output table on the Data sheet. |
Do you reject the claim that there is no linear relationship at alpha=0.05? Choose your answer from the dropdown menu in cell C22. |
Explain your answer in cell C22. Choose your answer from the dropdown menu in cell C23. |
Brand | Price per Gallon | Demand (Gallons) |
1 | 59.95 | 276 |
2 | 38.99 | 611 |
3 | 26.99 | 779 |
4 | 40.65 | 521 |
5 | 41.89 | 466 |
6 | 54.99 | 154 |
7 | 35.62 | 539 |
8 | 42.00 | 387 |
9 | 24.23 | 630 |
10 | 55.00 | 169 |
11 | 36.99 | 578 |
12 | 30.99 | 678 |
13 | 29.00 | 612 |
14 | 69.46 | 105 |
15 | 51.34 | 290 |
16 | 49.68 | 143 |
17 | 54.99 | 300 |
18 | 95.00 | 49 |
19 | 85.00 | 40 |
20 | 38.95 | 567 |
21 | 65.99 | 80 |
22 | 70.00 | 94 |
23 | 72.96 | 77 |
24 | 63.00 | 198 |
25 | 47.00 | 382 |
26 | 45.95 | 376 |
27 | 41.89 | 490 |
28 | 30.38 | 634 |
can you please attach an excel doc so ican see the functions you put in boxes thank you
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