Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Step by step and clear please Question 3 ([2 + 2] + 2 + 2 = 8 marks) (a) Bob's Wood-Fire Pizza owner believes that

Step by step and clear please

image text in transcribed
Question 3 ([2 + 2] + 2 + 2 = 8 marks) (a) Bob's Wood-Fire Pizza owner believes that the annual sales revenue is related to the size of the student population at a nearby campus. To evaluate the relationship between student population (x) and annual sales (y), Bob collected data from a sample of ten of his restaurants located near university campuses. The data is summarised in the following table. Restaurant 2 3 4 5 6 7 8 10 Student Population (1000's) - x. 2 6 8 8 12 16 20 20 22 26 Annual Sales ($'000) - y 58 105 88 118 117 137 157 169 149 202 You may use the following Excel print-outs or summary statistics provided to answer the questions SUMMARY OUTPUT SUMMARY STATISTICS Regression Statistics n= 10 Multiple R 0.950 X = 14 R Square 0.903 y= 130 Adjusted R Square 0.891 63.111 Standard Error 13.829 $3 = 1747.778 Observations 10 Sxy = 315.556 Coefficients Standard Error t Stat P-value Intercept 60.0 9.226 6.503 0.000 Student population 5.0 0.580 8.617 0.000 (1) Determine the least squares regression line to predict the annual sales from student population. (ii) Use your fitted regression line to predict the annual sales for a restaurant located near a university campus with a student population of 10,000

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

Inquiry into Physics

Authors: Vern J. Ostdiek, Donald J. Bord

8th edition

1305959426, 9781337515863 , 978-1305959422

Students also viewed these Mathematics questions