b. Assuming a linear relationship, use the least-squares method to compute the regression coefficient
b
0
and
b
1
.
c. Interpret the meaning of the
Y
intercept,
b
0
,
and the slope,
b
1
,
in this problem.
d. Predict the mean cost per person for a restaurant with a summated rating of 50.
e. What should you tell the owner of a group of restaurants in this geographical area about the relationship between the summated rating and the cost of a meal?
Definition Definition Representation of the direction and degree of correlation in graphical form. The grouping of points that are plotted makes it a scatter diagram. A line can be drawn showing the relationship based on the direction of points and their distance from each other.
The following regression equation is based on the analysis of four variables: SM_DOLLARS is the dollar amount of a watershed conservation agency's weekly spending on social media ads. RADIO_ADS is the number of radio advertisements aired weekly by the agency. WS_DOLLARS is the dollar amount of the agency’s weekly spending on web search ads. The variable WEB_VISITS is the number of weekly visitors to their educational website. These data have been recorded every week for the past three years.
WEB_VISITS (expected) = 109 + 0.2*SM_DOLLARS + 1.5*RADIO_ADS + 1.1*WS_DOLLARS
The data meet the assumptions for regression analysis, and the regression results, including the coefficients, were found to be statistically significant.
How many additional weekly web visits would you predict when the agency increases its weekly spending on social media ads by $150 without changing the amount spent on radio ads or web search ads? (Round your answer to the nearest whole number.)
The following regression equation is based on the analysis of four variables: SM_DOLLARS is the dollar amount of a watershed conservation agency's weekly spending on social media ads. RADIO_ADS is the number of radio advertisements aired weekly by the agency. WS_DOLLARS is the dollar amount of the agency’s weekly spending on web search ads. The variable WEB_VISITS is the number of weekly visitors to their educational website. These data have been recorded every week for the past three years.
WEB_VISITS (expected) = 208 + 0.25*SM_DOLLARS + 0.5*RADIO_ADS + 0.75*WS_DOLLARS
The data meet the assumptions for regression analysis, and the regression results, including the coefficients, were found to be statistically significant.
How many additional weekly web visits would you predict when the agency increases its weekly spending on social media ads by $100 without changing the amount spent on radio ads or web search ads? (Round your answer to the nearest whole number.)
Would the…
The following regression equation is based on the analysis of four variables: SM_DOLLARS is the dollar amount of a watershed conservation agency's weekly spending on social media ads. RADIO_ADS is the number of radio advertisements aired weekly by the agency. WS_DOLLARS is the dollar amount of the agency’s weekly spending on web search ads. The variable WEB_VISITS is the number of weekly visitors to their educational website. These data have been recorded every week for the past three years.
WEB_VISITS (expected) = 208 + 0.75*SM_DOLLARS + 1.5*RADIO_ADS + 1.2*WS_DOLLARS
The data meet the assumptions for regression analysis, and the regression results, including the coefficients, were found to be statistically significant.
How many additional weekly web visits would you predict when the agency increases its weekly spending on social media ads by $220 without changing the amount spent on radio ads or web search ads? (Round your answer to the nearest whole number.)
Based on the…
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Correlation Vs Regression: Difference Between them with definition & Comparison Chart; Author: Key Differences;https://www.youtube.com/watch?v=Ou2QGSJVd0U;License: Standard YouTube License, CC-BY
Correlation and Regression: Concepts with Illustrative examples; Author: LEARN & APPLY : Lean and Six Sigma;https://www.youtube.com/watch?v=xTpHD5WLuoA;License: Standard YouTube License, CC-BY