Question: 5) [1 mark] Calculate the correlation coefficient. Round your answer to the nearest 2 decimal places. Do not show your work. You may type or

5) [1 mark] Calculate the correlation coefficient. Round your answer to the nearest 2 decimal places. Do not show your work. You may type or write your answer below.

Correlation coefficient: _______

6) [1 mark] Based on the value from question 5, what is the strength of the linear relationship between daily high temperature and weekly sales? You may type or write your answer below. Hint: The correlation coefficient is the same as the sample correlation these are synonyms. There is a table in the Module 5 required reading that will help you make this assessment. Strength of the linear relationship: _____________________________________

7) [4 marks] The chain wants to establish a new store at a location where the average daily high temperature during the summer is 24.5 degrees Celsius. Use the fitted equation from question 3 to predict the weekly sales of the planned store. Show your work: show the equation you use, how you plug in, and your final answer. Round your answer to 2 decimal places. Provide a concluding sentence which puts your result in dollars. You may either type your answer in Word or write it by hand and insert a legible photo below.

8) [5 marks] Conduct an appropriate hypothesis test using the critical value method. Follow the steps as outlined in Example Video 6 part c) in Module 6, showing the same amount of work and using the same rounding. You may either type your answer in Word or write it by hand and insert a legible photo below.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!