Question

Uiwy Line object Select all Paragraph Insert Editing + 1 ... 2. 3. 5 TACOS! You know who doesn't love tacos? Nobody Elliot loves tacos so much, he opened a taco stand. Like yourself, Elliot is a clever businessperson who wants to harness the power of statistics to maximize his profit. He collected some data on the products he sells. The following data represent the number of delicious goodies sold per day at Elliot's World O' Tacos and their prices. Price (x) Units sold (y) Item (just here for funsies, you won't se these names in your calculations) Beef taco Chicken taco Veggie taco Taco salad Chips & salsa Soda (mostly Grapico) $3 $4 $6 $9 $2 $1 53 31 12 17 60 71 a. Develop a least-squares regression line and explain what the slope of the line indicates. price (x) 6 =25 Sold (y) 6 = 244 y=y+ (x.x) x (x-) b. Compute the coefficient of determination and comment on the strength of relationship between x and y. c. Compute the sample correlation coefficient between the price and the number of food items sold

Answer 1

B 5 Book1 - Excel Gurvinder Singh Х & Share to FREER File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Show Queries Connections Clear P Flash Fill - Consolidate From Table Properties Reapply - Remove Duplicates Relationships Get External New Refresh Sort Filter Text to Data Query Lo Recent Sources All Edit Links Advanced Columns Data Validation Get & Transform Connections Sort & Filter Data Tools i EXPERIENCE MICROSOFT 365 Keep your files safe, secure, and accessible with 1 TB of cloud storage. Try Microsoft 365. Start free trial Data Analysis ?, Solver 69 Group + Ungroup --- Subtotal 8? WM What If Forecast Analysis Sheet Forecast Outline Analyze X M9 X for с D E F H J K L M N 0 P A B 1 Price (X) Unit Sold (Y) 2 3 53 3 4 31 SUMMARY OUTPUT Regression ? X 4 6 12 OK 5 9 17 Input Input Y Range: 0.8980 $B$1:$B$7 1 6 2 60 0.8065 Cancel Regression Statistics Coefficient of correlation Coefficient of Determination Adjusted R Square Standard Error Observations Input X Range: 7 SA$1:$A$7 1 1 71 0.7581 8 Help 11.8892 9 Labels Confidence Level: Constant is Zero 95 % 6 10 ANOVA $D$2 12 df F Significance F 16.6671 0.0151 13 1 SS MS 2355.9248 2355.9248 565.4086 141.3521 2921.3333 Regression Residual Total Output options OlQutput Range: O New Worksheet Ply: O New Workbook Residuals Residuals Standardized Residuals 14 4 15 5 16 Residual Plots Line Fit Plots 17 t Stat P-value 18 Coefficients Standard Error 71.5681 8.9917 -7.4163 1.8166 Intercept Price (X) 0.0013 7.9593 -4.0825 Lower 95% 46.6030 -12.4600 Upper 95% 96.5331 -2.3726 Normal Probability Normal Probability Plots 19 0.0151 20 21 Sheet1 Sheet2 + Ready Mail B + 100% 1: Type here to search о c 1) ENG 06:26 31-07-2020

a)

Slope of the line is -7.42 which indicate that with increase in Price by $1, the unit sold decreases by a factor of 7.42

b) $D=r^2=0.8065$

this means that 80.65% of the variation in Y can be explained by x

c) correlation coefficient is 0.8980