Next SEVEN questions are based on the following regression model To determine the impact of variations in price on sales the management of Big Bob's Burger Barn sets different prices in its burger joints in 75 stores located in different cities. Using the sales and price data, a simple regression is run with sales (in thousands of dollars) as the dependent variable and price (in dollars) as the independent variable. Use the following calculations and the accompanying regression summary output to answer questions 23-30. ∑xy = 32847.68 x̅ = 5.6872 ∑x² = 2445.707 y̅ = 77.3747 n = 75 SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square 0.3829626 Standard Error Observations 75 ANOVA df SS MS F Significance F Regression 46.927903 1.97E-09 Residual Total 3115.482 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 6.5262907 18.678324 1.588E-29 108.89329 134.90705 PRICE 1.97E-09 23 The numerator of the formula to find the slope coefficient in the regression equation is ______ a -148.312 b -155.728 c -163.514 d -171.690 24 The model predicts that when raising the price by $1, sales would change by $_______ thousand. a -7.830 b -8.417 c -9.048 d -9.727 25 The predicted sales for a price of $6.00 per burger is $ _______ thousand. a 71.358 b 74.926 c 78.672 d 82.605 26 Given that ∑(ŷ − y̅)² = 1219.091 the sample data show that _______ fraction of variations is sales is explained by price. a 0.254 b 0.316 c 0.391 d 0.485 27 The regression result shows the observed sales deviate from the predicted sales, on average, by $ _______ thousand. a 4.110 b 5.097 c 6.320 d 7.837 28 The standard error of the slope coefficient b₁ is ________. a 0.627 b 0.847 c 1.143 d 1.543 29 The test statistic for the null hypothesis that a change in price has no impact on sales is: a -6.851 b 5.481 c -4.385 d 3.508 30 The margin of error for a 95% interval estimate for the population slope parameter is: a 4.449 b 3.559 c 2.847 d 2.278

Next SEVEN questions are based on the following regression model To determine the impact of variations in price on sales the management of Big Bob's Burger Barn sets different prices in its burger joints in 75 stores located in different cities. Using the sales and price data, a simple regression is run with sales (in thousands of dollars) as the dependent variable and price (in dollars) as the independent variable. Use the following calculations and the accompanying regression summary output to answer questions 23-30. ∑xy = 32847.68 x̅ = 5.6872 ∑x² = 2445.707 y̅ = 77.3747 n = 75 SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square 0.3829626 Standard Error Observations 75 ANOVA df SS MS F Significance F Regression 46.927903 1.97E-09 Residual Total 3115.482 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 6.5262907 18.678324 1.588E-29 108.89329 134.90705 PRICE 1.97E-09 23 The numerator of the formula to find the slope coefficient in the regression equation is __ a -148.312 b -155.728 c -163.514 d -171.690 24 The model predicts that when raising the price by $1, sales would change by $_ thousand. a -7.830 b -8.417 c -9.048 d -9.727 25 The predicted sales for a price of $6.00 per burger is $ _ thousand. a 71.358 b 74.926 c 78.672 d 82.605 26 Given that ∑(ŷ − y̅)² = 1219.091 the sample data show that _ fraction of variations is sales is explained by price. a 0.254 b 0.316 c 0.391 d 0.485 27 The regression result shows the observed sales deviate from the predicted sales, on average, by $ _ thousand. a 4.110 b 5.097 c 6.320 d 7.837 28 The standard error of the slope coefficient b₁ is ____. a 0.627 b 0.847 c 1.143 d 1.543 29 The test statistic for the null hypothesis that a change in price has no impact on sales is: a -6.851 b 5.481 c -4.385 d 3.508 30 The margin of error for a 95% interval estimate for the population slope parameter is: a 4.449 b 3.559 c 2.847 d 2.278

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

Chapter3: Straight Lines And Linear Functions

Section3.CR: Chapter Review Exercises

Problem 15CR: Life Expectancy The following table shows the average life expectancy, in years, of a child born in...

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Next SEVEN questions are based on the following regression model
To determine the impact of variations in price on sales the management of Big Bob's Burger Barn sets different prices in its burger joints in 75 stores located in different cities.
Using the sales and price data, a simple regression is run with sales (in thousands of dollars) as the dependent variable and price (in dollars) as the independent variable.
Use the following calculations and the accompanying regression summary output to answer questions 23-30.

		∑xy =	32847.68	x̅ =	5.6872
		∑x² =	2445.707	y̅ =	77.3747
		n =	75

	SUMMARY OUTPUT
	Regression Statistics
	Multiple R
	R Square
	Adjusted R Square	0.3829626
	Standard Error
	Observations	75

	ANOVA
		df	SS	MS	F	Significance F
	Regression				46.927903	1.97E-09
	Residual
	Total		3115.482

			Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%
	Intercept			6.5262907	18.678324	1.588E-29	108.89329	134.90705
	PRICE					1.97E-09

23	The numerator of the formula to find the slope coefficient in the regression equation is ______
a	-148.312
b	-155.728
c	-163.514
d	-171.690

24	The model predicts that when raising the price by $1, sales would change by $_______ thousand.
a	-7.830
b	-8.417
c	-9.048
d	-9.727

25	The predicted sales for a price of $6.00 per burger is $ _______ thousand.
a	71.358
b	74.926
c	78.672
d	82.605

26	Given that		∑(ŷ − y̅)² =	1219.091
	the sample data show that _______ fraction of variations is sales is explained by price.
a	0.254
b	0.316
c	0.391
d	0.485

27	The regression result shows the observed sales deviate from the predicted sales, on average, by $ _______ thousand.

a	4.110
b	5.097
c	6.320
d	7.837

28	The standard error of the slope coefficient b₁ is ________.
a	0.627
b	0.847
c	1.143
d	1.543

29	The test statistic for the null hypothesis that a change in price has no impact on sales is:
a	-6.851
b	5.481
c	-4.385
d	3.508

30	The margin of error for a 95% interval estimate for the population slope parameter is:
a	4.449
b	3.559
c	2.847
d	2.278

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