.The management of a chain supermarket store would like to develop a model for predicting the weekly sales (in thousands of dollars) for individual stores based on the number of customers who made purchases. Assuming a linear relationship, the Excel output for this regression model is given below.

(a)State the regression equation for this problem.

(b)Interpret the meaning of b₀ and b₁ in this problem.

(c) Predict the weekly sales for a store where 800 customers made purchases, assuming 800 is within the range of number of customers for this problem.

(d) At the 0.05 level of significance, is there evidence of a linear relationship between the weekly sales and number of customers who made purchases?

(e) Construct a 95% confidence interval estimate of the population slope ?₁. Interpret the confidence interval estimate.

(f) How useful do you think this regression model is for predicting the weekly sales based on number of customers who made purchases?

5. An economist is interested to see how consumption for an economy (in $ billions) is influenced by gross domestic product ($ billions) and aggregate price (consumer price index). The Microsoft Excel output of this multiple regression model is given below:

SUMMARY OUTPUT Regression Statistics Multiple R 0.9698 R Square 0.9405 Adjusted R Square 0.9345 Standard Error 42.3506 Observations 12.0000 ANOVA of MS F Significance F Regression 1.0000 283366.9671 283366.9671 157.9905 0.0000 Residual 10.0000 17935.6995 1793.5700 Total 11.0000 301302.66 67 Coefficients Standard Error t Stat P-value Lower 95%% Upper 95% Lower 95.096 Upper 95.09% Intercept -134.6591 68.7983 -1.9573 0.0783 -287.9513 18.6331 -287.9513 18.6331 Sales (Thousands of Do 98.2954 7.8202 12.5694 0.0000 30.8709 1 15.7199 80. 8709 1 15.7199