The general manager of QuickFix, a chain of quick-service, no-appointment auto repair shops, wants to develop a

Question:

The general manager of QuickFix, a chain of quick-service, no-appointment auto repair shops, wants to develop a model to forecast monthly vehicles served at any particular shop based on four factors: garage bays, population within 5-mile radius, interstate highway access (1 = convenient access, 0 = otherwise), and time of year (1 = winter, 0 = otherwise). He believes that, all else equal, shops near an interstate will service more vehicles and that more vehicles will be serviced in the winter due to battery and tire issues. A sample of19 locations has been obtained. A portion of the data isshown in the accompanying table.

The general manager of QuickFix, a chain of quick-service, no-appointment

a. Estimate the regression equation relating vehicles serviced to the four explanatory variables.
b. Interpret each of the slope coefficients.
c. At the 5% significance level, are the explanatory variables jointly significant? Are they individually significant? What about at the 10% significance level?
d. What proportion of the variability in vehicles served is explained by the four explanatory variables?
e. Predict vehicles serviced in July for a particular location with 5 garage bays, a population of 40,000, and convenient interstate access.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: