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c) Write down the regression equation.

c) Write down the regression equation.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 25PPS
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please send solution for part c
7. We have collected some data from a sample of ten customers of a tour operator. The data showing the customers' annual salary and the amount spent on a package holiday is shown in the table below. Salary (£) Holiday Price (£) 23000 450 30000 870 27000 690 19000 380 21000 520 25000 400 20000 320 29000 700 24000 450 29000 800 Answer the following questions and give your answers to 2 decimal places. a) Using Excel functions, calculate the Pearson product-moment correlation coefficient and comment on the value. b) Using Excel functions, find the intercept and the slope for the regression equation. c) Write down the regression equation. d) Using Excel functions, calculate the Coefficient of Determination in percentage and interpret its value. e) A customer earns £20 000. Use appropriate Excel functions to predict the holiday price they are likely to pay. f) A customer earns £15 000. Use appropriate Excel functions to predict the holiday price they are likely to pay. g) Comment on the validity of the predictions made in parts (e) and (f). Give a reason for your answer.
Transcribed Image Text:7. We have collected some data from a sample of ten customers of a tour operator. The data showing the customers' annual salary and the amount spent on a package holiday is shown in the table below. Salary (£) Holiday Price (£) 23000 450 30000 870 27000 690 19000 380 21000 520 25000 400 20000 320 29000 700 24000 450 29000 800 Answer the following questions and give your answers to 2 decimal places. a) Using Excel functions, calculate the Pearson product-moment correlation coefficient and comment on the value. b) Using Excel functions, find the intercept and the slope for the regression equation. c) Write down the regression equation. d) Using Excel functions, calculate the Coefficient of Determination in percentage and interpret its value. e) A customer earns £20 000. Use appropriate Excel functions to predict the holiday price they are likely to pay. f) A customer earns £15 000. Use appropriate Excel functions to predict the holiday price they are likely to pay. g) Comment on the validity of the predictions made in parts (e) and (f). Give a reason for your answer.
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