The owners of a chain of coffee shops have the business objective of improving the forecast of

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The owners of a chain of coffee shops have the business objective of improving the forecast of daily sales so that staffing shortages can be minimized during each season. As a starting point, the owners decide to develop a simple linear regression model to predict daily sales based on minimum wages in 15 of their locations in a national region. The dataset is shown in the accompanying table. Run your regression using Excel to complete the questions below. Assuming X1 represents Living Area (in Sq.Ft) in the Exhibit above, construct a 95% confidence interval estimate of the population slope between House Price and the Living area of the house. Interpret the meaning of the 95% confidence interval with the Living Area predictor

Posted Date: May 18, 2024 10:01 AM

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