Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pr2 Simple Linear Regression. The owner of a chain of ice cream store would like to study the effect of atmosperic temperature on sales during
Pr2 Simple Linear Regression. | ||||
The owner of a chain of ice cream store would like to study | ||||
the effect of atmosperic temperature on sales during the summer season. | ||||
A sample of 24 consecutive days is selected, with the results stored in the table below | ||||
Sales, in thousand of $ | Temperature, in degrees | |||
1.52 | 63 | |||
1.68 | 70 | |||
1.8 | 73 | |||
2.05 | 75 | |||
2.68 | 88 | |||
2.25 | 82 | |||
2.68 | 85 | |||
2.9 | 88 | |||
3.5 | 95 | |||
3.06 | 91 | |||
3.24 | 92 | |||
1.92 | 75 | |||
3.4 | 98 | |||
3.28 | 100 | |||
3.17 | 92 | |||
2.83 | 87 | |||
2.31 | 82 | |||
2.86 | 88 | |||
2.26 | 80 | |||
2.14 | 82 | |||
1.98 | 76 | |||
1.89 | 74 | |||
2.1 | 75 | |||
2.71 | 85 | |||
a) Construct a scatter diagram | ||||
b) Using Data Analysis/Regression, find the regression coefficients b0 and b1. | ||||
c) Graph the regression line on the scatter diagram | ||||
d) Interpret the meaning of b0 and b1 in this problem. | ||||
e) Predict the sales per store for a day in which the temperature is 83F. | ||||
f) determine the coefficient of determination and interpret its meaning. | ||||
(short way from the data analysy SS columns) | ||||
g) Graph the residuals in this model and determine | ||||
if the linear model is appropriate. | ||||
h) At the 0.05 level of significance, is there evidence | ||||
of a linear relationship between sales and temperature? | ||||
(based on t-test, p-value, and confidence interval for the slope) | ||||
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