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Use the Regression tool on the accompanying wedding data, using the wedding cost as the dependent variable and attendance as the indep Click the icon to view the wedding data. a. What is the regression model? Wedding Cost 2046.963+ 127.137 x Attendance (Round to three decimal places as needed.) b. Interpret all key regression results, hypothesis tests, and confidence intervals in the regression output from part a Interpret the slope of the regression equation. Choose the correct answer below. OA. The slope indicates that for each increase of 1 in attendance, the predicted wedding cost is estimated to increase by a value equal to b₁- B. The slope indicates that for each increase of 1 in wedding cost, the predicted attendance is estimated to increase by a value equal to b₁. OC. It is not appropriate to interpret the slope because it is outside the range of observed wedding costs. OD. It is not appropriate to interpret the slope because it is outside the range of observed attendances. Interpret the Y-intercept of the regression equation. Choose the correct answer below. OA. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of bo people. B. The Y-intercept indicates that a wedding with an attendance of 0 people has a mean predicted cost of Sbo OC. It is not appropriate to interpret the Y-intercept because it is outside the range of observed attendances. OD. It is not appropriate to interpret the Y-intercept because it is outside the range of observed wedding costs. Identify and interpret the meaning of the coefficient of determination in this problem. Select the correct choice below and fill in the answer box to complete your choice. (Round to three decimal places as needed.) OC. The coefficient of determination is R2 = OA. The coefficient of determination is R² = This value is the proportion of vanation in attendance that is explained by the variation in wedding cost. B. The coefficient of determination is R2 = 0.481]. This value is the proportion of variation in wedding cost that is explained by the variation in attendance. This value is the probability that the correlation between the vanables is statistically significant. OD. The coefficient of determination is R R² This value is the probability that the slope of the regression line is statistically significant. c. If a couple is planning a wedding for 225 guests, how much should they budget? They should budget $31553 (Round to the nearest dollar as needed.) Wedding Attendance and Co Wedding Cost 61700 Attendance 300 54000 350 48000 150 41000 200 33000 250 31500 150 29000 250 29000 300 29000 250 28000 200 25000 150 25000 200 23000 200 23000 200 22000 200 20000 200 19000 100 19000 150 19000 200 18000 150 16000 100 16000 100 13000 150 7000 50 5000 50 Wedding Cost Attendance Print Done

Use the Regression tool on the accompanying wedding data, using the wedding cost as the dependent variable and attendance as the indep Click the icon to view the wedding data. a. What is the regression model? Wedding Cost 2046.963+ 127.137 x Attendance (Round to three decimal places as needed.) b. Interpret all key regression results, hypothesis tests, and confidence intervals in the regression output from part a Interpret the slope of the regression equation. Choose the correct answer below. OA. The slope indicates that for each increase of 1 in attendance, the predicted wedding cost is estimated to increase by a value equal to b₁- B. The slope indicates that for each increase of 1 in wedding cost, the predicted attendance is estimated to increase by a value equal to b₁. OC. It is not appropriate to interpret the slope because it is outside the range of observed wedding costs. OD. It is not appropriate to interpret the slope because it is outside the range of observed attendances. Interpret the Y-intercept of the regression equation. Choose the correct answer below. OA. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of bo people. B. The Y-intercept indicates that a wedding with an attendance of 0 people has a mean predicted cost of Sbo OC. It is not appropriate to interpret the Y-intercept because it is outside the range of observed attendances. OD. It is not appropriate to interpret the Y-intercept because it is outside the range of observed wedding costs. Identify and interpret the meaning of the coefficient of determination in this problem. Select the correct choice below and fill in the answer box to complete your choice. (Round to three decimal places as needed.) OC. The coefficient of determination is R2 = OA. The coefficient of determination is R² = This value is the proportion of vanation in attendance that is explained by the variation in wedding cost. B. The coefficient of determination is R2 = 0.481]. This value is the proportion of variation in wedding cost that is explained by the variation in attendance. This value is the probability that the correlation between the vanables is statistically significant. OD. The coefficient of determination is R R² This value is the probability that the slope of the regression line is statistically significant. c. If a couple is planning a wedding for 225 guests, how much should they budget? They should budget $31553 (Round to the nearest dollar as needed.) Wedding Attendance and Co Wedding Cost 61700 Attendance 300 54000 350 48000 150 41000 200 33000 250 31500 150 29000 250 29000 300 29000 250 28000 200 25000 150 25000 200 23000 200 23000 200 22000 200 20000 200 19000 100 19000 150 19000 200 18000 150 16000 100 16000 100 13000 150 7000 50 5000 50 Wedding Cost Attendance Print Done

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.FOM: Focus On Modeling: Fitting Lines To Data
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Use the Regression tool on the accompanying wedding data, using the wedding cost as the dependent variable and attendance as the independent variable. Complete parts a through c. Click the icon to view the wedding data. a. What is the regression model? Wedding Cost 2946.963+ 127.137 x Attendance (Round to three decimal places as needed.) b. Interpret all key regression results, hypothesis tests, and confidence intervals in the regression output from part a. Interpret the slope of the regression equation. Choose the correct answer below. OA. The slope indicates that for each increase of 1 in attendance, the predicted wedding cost is estimated to increase by a value equal to b₁- B. The slope indicates that for each increase of 1 in wedding cost, the predicted attendance is estimated to increase by a value equal to b,. OC. It is not appropriate to interpret the slope because it is outside the range of observed wedding costs. OD. It is not appropriate to interpret the slope because it is outside the range of observed attendances. Interpret the Y-intercept of the regression equation. Choose the correct answer below. Wedding Attendance and Cost Wedding Cost 61700 Attendance 300 54000 350 48000 150 41000 200 33000 250 31500 150 29000 29000 29000 28000 25000 25000 OA. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of bo people. B. The Y-intercept indicates that a wedding with an attendance of 0 people has a mean predicted cost of $bo OC. It is not appropriate to interpret the Y-intercept because it is outside the range of observed attendances. OD. It is not appropriate to interpret the Y-intercept because it is outside the range of observed wedding costs. 23000 23000 22000 20000 19000 19000 * R R R R R R R R B B 150 19000 200 Identify and interpret the meaning of the coefficient of determination in this problem. Select the correct choice below and fill in the answer box to complete your choice. (Round to three decimal places as needed.) 18000 150 16000 100 16000 100 OA. The coefficient of determination is R= This value is the proportion of vanation in attendance that is explained by the variation in wedding cost. 13000 150 B. The coefficient of determination is R2 = 0.481]. This value is the proportion of variation in wedding cost that is explained by the variation in attendance. OC. The coefficient of determination is R2= O D. This value is the probability that the correlation between the vanables is statistically significant. The coefficient of determination is R* = This value is the probability that the slope of the regression line is statistically significant. c. If a couple is planning a wedding for 225 guests, how much should they budget? They should budget $31553 (Round to the nearest dollar as needed.) 7000 50 5000 Wedding Cost 50 Attendance Print Done
Transcribed Image Text:Use the Regression tool on the accompanying wedding data, using the wedding cost as the dependent variable and attendance as the independent variable. Complete parts a through c. Click the icon to view the wedding data. a. What is the regression model? Wedding Cost 2946.963+ 127.137 x Attendance (Round to three decimal places as needed.) b. Interpret all key regression results, hypothesis tests, and confidence intervals in the regression output from part a. Interpret the slope of the regression equation. Choose the correct answer below. OA. The slope indicates that for each increase of 1 in attendance, the predicted wedding cost is estimated to increase by a value equal to b₁- B. The slope indicates that for each increase of 1 in wedding cost, the predicted attendance is estimated to increase by a value equal to b,. OC. It is not appropriate to interpret the slope because it is outside the range of observed wedding costs. OD. It is not appropriate to interpret the slope because it is outside the range of observed attendances. Interpret the Y-intercept of the regression equation. Choose the correct answer below. Wedding Attendance and Cost Wedding Cost 61700 Attendance 300 54000 350 48000 150 41000 200 33000 250 31500 150 29000 29000 29000 28000 25000 25000 OA. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of bo people. B. The Y-intercept indicates that a wedding with an attendance of 0 people has a mean predicted cost of $bo OC. It is not appropriate to interpret the Y-intercept because it is outside the range of observed attendances. OD. It is not appropriate to interpret the Y-intercept because it is outside the range of observed wedding costs. 23000 23000 22000 20000 19000 19000 * R R R R R R R R B B 150 19000 200 Identify and interpret the meaning of the coefficient of determination in this problem. Select the correct choice below and fill in the answer box to complete your choice. (Round to three decimal places as needed.) 18000 150 16000 100 16000 100 OA. The coefficient of determination is R= This value is the proportion of vanation in attendance that is explained by the variation in wedding cost. 13000 150 B. The coefficient of determination is R2 = 0.481]. This value is the proportion of variation in wedding cost that is explained by the variation in attendance. OC. The coefficient of determination is R2= O D. This value is the probability that the correlation between the vanables is statistically significant. The coefficient of determination is R* = This value is the probability that the slope of the regression line is statistically significant. c. If a couple is planning a wedding for 225 guests, how much should they budget? They should budget $31553 (Round to the nearest dollar as needed.) 7000 50 5000 Wedding Cost 50 Attendance Print Done
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