In problem, the marketing manager used shelf space for pet food to predict weekly sales (stored in Petfood ). For those data, SSR = 20,535 and SST = 30,025.
a. Determine the coefficient of determination, r2, and interpret its meaning.
b. Determine the standard error of the estimate.
c. How useful do you think this regression model is for predicting sales?
Problem
The marketing manager of a large supermarket chain has the business objective of using shelf space most efficiently. Toward that goal, she would like to use shelf space to predict the sales of a specialty pet food. Data are collected from a random sample of 12 equalsized stores, with the following results (stored in PetFood):
Store | Shelf Space (X)(square feet) | Weekly Sales (Y)($) |
1 | 5 | 160 |
2 | 5 | 220 |
3 | 5 | 140 |
4 | 10 | 190 |
5 | 10 | 240 |
6 | 10 | 260 |
7 | 15 | 230 |
8 | 15 | 270 |
9 | 15 | 280 |
10 | 20 | 260 |
11 | 20 | 290 |
12 | 20 | 310 |
a. Construct a scatter plot.
For these data, b0 = 145 and b1 = 7.4.
b. Interpret the meaning of the slope, b1, in this problem.
c. predict the weekly sales of pet food for stores with 8 square feet of shelf space for pet food.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.