a. What is the regression model? "Wedding Cost +xAttendance (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. OB. 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. OB. 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. Identify and interpret the meaning of the coefficient of determination in this problem Select the en
a. What is the regression model? "Wedding Cost +xAttendance (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. OB. 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. OB. 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. Identify and interpret the meaning of the coefficient of determination in this problem Select the en
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
Problem 12P: Demand for Candy Bars In this problem you will determine a linear demand equation that describes the...
Related questions
Question
![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=
+(xAttendance
(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.
OB. 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.
A. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of bo people.
OB. 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.
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.)
OA. The coefficient of determination is R2:
OB. The coefficient of determination is R2:
OC. The coefficient of determination is R²
This value is the proportion of variation in attendance that is explained by the variation in wedding cost.
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 variables is statistically significant.
This value is the probability that the slope of the regression line is statistically significant.
OD. The coefficient of determination is R=
c. If a couple is planning a wedding for 225 guests, how much should they budget?
They should budget $☐ .
(Round to the nearest dollar as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc6c17e53-6ae6-43ea-86b2-cd8c36145bc2%2F948754ab-25fb-42cd-8f48-0571766e0c5e%2Fjdqwedv_processed.jpeg&w=3840&q=75)
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=
+(xAttendance
(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.
OB. 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.
A. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of bo people.
OB. 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.
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.)
OA. The coefficient of determination is R2:
OB. The coefficient of determination is R2:
OC. The coefficient of determination is R²
This value is the proportion of variation in attendance that is explained by the variation in wedding cost.
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 variables is statistically significant.
This value is the probability that the slope of the regression line is statistically significant.
OD. The coefficient of determination is R=
c. If a couple is planning a wedding for 225 guests, how much should they budget?
They should budget $☐ .
(Round to the nearest dollar as needed.)
![Wedding data
Wedding Cost Attendance
61700
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc6c17e53-6ae6-43ea-86b2-cd8c36145bc2%2F948754ab-25fb-42cd-8f48-0571766e0c5e%2Fndnh2r8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Wedding data
Wedding Cost Attendance
61700
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
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