Question

Create a scatterplot using Average Cost of Gasoline as the independent variable and Annual Revenue as the dependent variable. Perform a visual analysis of the​ data: describe the​ trend, strength and shape of the relationship between these two variables. Choose the correct answer below.

Take a Test . Mohammad + 1 Nick James YouTubeXP (2) Exploring bivariate nU × 을 https://www.mathxl.com/Student/PlayerTest.aspx?tes.. Q ☆ O @ @ 困 Bunnings Canvas Fisher Library Study dates Other bookmarks BUSS1020 Quantitative Business Analysis Mohammad Nurullah5/30/19 4:11 AM Test: Assignment 2 Submit Test This Question: 1 pt This Test: 20 pts possible A national restaurant chain is compased of 6500 restaurants, each of which is located in close proximity to an interstate highway. The restaurant's business strategy is to serve its core customer base people travelling on the interstate highwway system who are lcoking for a quality dining experience Customers generaly enjoy the restaurant chain's menu, atmosphere, and consistency from restaurant to restaurant. The company's leadership, located at corporate headquarters, is very interested in the relationship between the cost of a galon of gasoline and the company's revenue. Specifically, the company is concemed that if gasoline prices rise in the near future, the company's revenue wil decine dramatically. The company's research department recently cclected data for analysis in order to support leadership's upcoming discussion of whether the company should expand and diversity to locations away from an interstate hiçhway. Annual revenue fgures from a random sample of 150 restaurants were coliected. The research division also collected and calculated the average annual cost of gasolne at these 150 restaurants by randomly selecting three pasoline stations near each restaurant. Historical data was then used to calculate the average annual cost of gasoline. The Restaurant Number, Geographic Region, Annual Revenue, Average Cost of Gasoline, Mles from the Interstate, Square Footage and Annual Increase in Revenue were collected for these Corporate headquarters wants to create a simple linear regression model to predict a restaurant's annual revenue using the average cost of gasoline Create a scaterplot using Average Cost of Gasoline as the independent variable and Annual Revenue as the dependent variable. Perform a visual analysis of the data: describe the trend strength and shape of the relationship between these two variables. Choose the comect answer below O A. The scatterplot indicates there is a positive, strong, linear relationship between Average Cost of Gasoline and Annual Revenue ⓔ B. The scatterplot indicates there is a negative, strong, inear relationship batween Average Cost of Gasoline and Annual Revenue The scatterplot indicates there is a positive, weak linear relationship between Average Cost of Gasoline and Annual Revenue O c. ○ D. The scatterplot indicates there is a negative, weak, linear relationship between Average Cost of Gasoline and Annual Revenue. O E. The scatterplat indicates there is no relationship between Average Cost of Gasoline and Annual Revenue. (2) Exploring bivariate nur X+ Nick James YouTubeXP Take a Test-Moham mac × rlest.aspx?tes.. Q ☆ 0 困 C o https:/www.mathxl.com/Student/PlayerTe Other bookmarks Bunnings Canvas Fisher Library Study date 21 BUSS1020 Quantitative Business Analysis Mohammad Nurullah 읊 | 5/30/19 4:12 AM Test: Assignment 2 This Question: 1 pt This Test: 20 pts possible A national restaurant chain is composed of 6500 restaurants, each of which is located in close proxdimity to an interstate highway. The restaurant's business strategy is to serve ns core customer base: people traveling on the interstate highway system who are looking tor a quality dining experience. Customers generally enjoy the restaurant chain's menu, atmosphere, and consistency from restaurant to restaurant. The company's leadership, located at corporate headquarters, is very interested in the relationship between the cost of a gallon of gascline and he company's revenue. Specifically, the company is concerned that if gasoline prices rise in the near future, the company's revenue will decline dramatically. The company's research department recently colected deta for analysis in order to support leadership's upcoming discussion of whether the company should expand and dversity to locations away from an nterstate highway. Annual revenue figures trom a random sample of 150 restaurants were collected. The research division also colected and calculated the averape annual cost of pasoline at these 150 restaurants by randomly selecting three gasoline stations near each restaurant. Historical data was then used to calcula:e the average annual cost of gasoine. The Restaurant Number, Geographic Region, Annual Revenue, Average Cost of Gasoline, Miles trom the Interstate, Square Footage and Annual Increase in Revenue were collected for these Corporate headquarters wants to create a simple linear regression model to predict a restaurant's annual revenue using the average cost of gasoline. First create a scatterplat using Average Cost of Gasoline as the independent variable and Annual Revenue as the dependent variable After performing a visual analysis of the scatterplot, if appropriate, construct a simple linear regression model using the average cost of gasoline to predict a restaurant's annual revenue What is the comelation coetticient between Average Cost of Gasoline and Annual Revenue? Round to two decimal places as needed.) Cracker_Barrel.txt - Google Chrome https://www.statcrunch.com/app/?dataurl = http%3A%2F%2Fwww.statcrunch.com%2Fbooks%2FCQL962Fdataset%2FCracker-Barr Options (1 of 2) Simple linear regression results: Dependent Variable: Annual Revenue Independent Variable: Average Cost of Gasoline Annual Revenue 32851353 6665853.8 Average Cost of Gasoline Sample size: 150 R (correlation coefficient) -0.96553842 R-sq 0.93226444 Estimate of error standard deviation: 794175.79 Parameter estimates: Parameter Estimate Std. Err. Alternative DF T-StatP-value Intercept 32851353 358808.72 #0148 91.556728

Answer 1

The correlation coefficient between Average cost of Gasoline and Annual Revenue is

-0,9656