Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls help on this referred worksheet! thank you so much! Opinions are split about the Pumpkin Spice Latte (PSL). Yet, every year over the last

pls help on this referred worksheet! thank you so much!

image text in transcribedimage text in transcribed
Opinions are split about the Pumpkin Spice Latte (PSL). Yet, every year over the last five years the consumption of pumpkin flavored goods has increased (loseit.com). If we look at the numbers, it also becomes clear why Starbucks keeps offering the PSL earlier and earlier every year. According to fortune magazine the amount spend by PSL buyers at Starbucks is about 17% higher compared to the spending of other customers. The following table shows a random sample of eight consumers, the amount they spend per week and the number of PSLs purchased per week. Is there a relationship? Your answers should include all necessary equations, explanations of necessary steps of calculations, complete answer sentences, and justifications for answers. If you used Excel to calculate your answers, the document should also include all excel equations you have used. Regression Analysis SUMMARY OUTPUT Regression Statistics Multiple R 0.85103587 R Square Adjusted R Square 0.678305726 Standard Error Observations ANOVA df SS MS F Significance F Regression H 616.005 616.005 Residual 6 234.5227875 Total 7 850.5277875 Coefficients Standard t Stat P-value Lower 95% Upper 95% Error Intercept 7.91375 3.984864749 1.98595197 0.094243275 -1.83686278 17.66436278 PSL 4.3875 1.105202629 A. Compute the coefficient of determination (r2) (Round to 2 decimal places) B. Comment on the goodness of fit. (For purposes of this exercise, consider an r2 large if it is at least 0.55.) C. Predict the spending total for somebody who buys 8 Pumpkin Spiced Lattes. (round to 2 decimal places)D. Can you think of anything that is missing from the model? L E. Compute the mean square error F. Compute the standard error of the estimate using equation: G. Calculate the F test-statistic_(round to 2 decimal places) H. Interpret the results of the F-test, state your conclusion I. Calculate the test-statistic for the slope coefficient. (round to 2 decimal places) J. Use the t-test to test the following hypotheses (a = 0.05): Ho: b1=0, Ha: b1#0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finite Mathematics

Authors: Stefan Waner, Jerry Lee Ford Jr, Waner/Costenoble, Steven Costenoble

5th Edition

1111789304, 9781111789305

More Books

Students also viewed these Mathematics questions