Gift Card Sales. For the holiday season of 2017, nearly 59 percent of consumers planned to buy gift cards. According to the National Retail Federation, millennials like to purchase gift cards (Dayton Daily News website). Consider the sample data in the file GiftCards. The following data are given for a sample of 600 millennials: the amount they reported spending on gift cards over the last year, annual income, marital status (1 = yes, 0 = no), and whether they are male (1 = yes, 0 = no). Write out the regression equation. Discuss each For example do the signs of the coefficients make sense to you. For example ,what is the impact of an additional $10,000 of annual income , etc. What is the value for Coefficient of Determination?. Interpret .Using original equation, part a. What would be the estimated spend of a single male with annual income of $100,000? Regression StatisticsMultiple R0.870273871R Square0.757376611Adjusted R Square0.756155352Standard Error14.69324313Observations600Rectangular SnipANOVAdfSSMSFSignificance FRegression3401662.0627 133887.3542 620.16068328.7083E-183Residual596128671.2707215.8913937Total599530333.3333CoefficientsStandard Errort StatP-valueLower 95% Upper 95% ower 95.0%pper 95.0%Intercept-3.9995369383.059355275 -1.307313659 0.191610315 -10.00796465 2.008891-10.008 2.008891Annual Income0.0002132023.1402E-05 6.789441558 2.72685E-110.00015153 0.000275 0.000152 0.000275Married45.780869531.20203163938.086243368.444E-16243.4201367748.1416 43.4201448.1416Male21.917569881.201226252 18.24599641 2.00455E-59 19.55841886 24.27672 19.55842 24.27672

Name: Gift Card Sales. For the holiday season of 2017, nearly 59 percent of
Uploaded: 2024-03-20T07:07:12.000Z
Channel: Bartleby
Description: Gift Card Sales. For the holiday season of 2017, nearly 59 percent of consumers planned to buy gift cards. According to the National Retail Federation, millennials like to purchase gift cards (Dayton Daily News website). Consider the sample data in t

1) from the above output the regression equation is : y=-3,9999+0.000213×Annual Income +…

Answered: Gift Card Sales. For the holiday season…

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

Chapter5: A Survey Of Other Common Functions

Section5.6: Higher-degree Polynomials And Rational Functions

Problem 14SBE: Quartic Regression In Exercise S-8 through S-14, use regression to find a quartic model for the...

See similar textbooks

Related questions

Topic Video

Question

Gift Card Sales. For the holiday season of 2017, nearly 59 percent of consumers planned to buy gift cards. According to the National Retail Federation, millennials like to purchase gift cards (Dayton Daily News website). Consider the sample data in the file GiftCards. The following data are given for a sample of 600 millennials: the amount they reported spending on gift cards over the last year, annual income, marital status (1 = yes, 0 = no), and whether they are male (1 = yes, 0 = no).

Write out the regression equation. Discuss each For example do the signs of the coefficients make sense to you. For example ,what is the impact of an additional $10,000 of annual income , etc.
What is the value for Coefficient of Determination?. Interpret .
Using original equation, part a. What would be the estimated spend of a single male with annual income of $100,000?

Regression Statistics
Multiple R
0.870273871
R Square
0.757376611
Adjusted R Square
0.756155352
Standard Error
14.69324313
Observations
600
Rectangular Snip
ANOVA
df
SS
MS
F
Significance F
Regression
3
401662.0627 133887.3542 620.1606832
8.7083E-183
Residual
596
128671.2707
215.8913937
Total
599
530333.3333
Coefficients
Standard Error
t Stat
P-value
Lower 95% Upper 95% ower 95.0%pper 95.0%
Intercept
-3.999536938
3.059355275 -1.307313659 0.191610315 -10.00796465 2.008891
-10.008 2.008891
Annual Income
0.000213202
3.1402E-05 6.789441558 2.72685E-11
0.00015153 0.000275 0.000152 0.000275
Married
45.78086953
1.202031639
38.08624336
8.444E-162
43.42013677
48.1416 43.42014
48.1416
Male
21.91756988
1.201226252 18.24599641 2.00455E-59 19.55841886 24.27672 19.55842 24.27672

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Hypothesis Tests and Confidence Intervals for Means$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions