Question: help with this question please! thank you! Suppose we would like to explore how the price of oranges affects the sales of oranges; where price
help with this question please! thank you!
Suppose we would like to explore how the price of oranges affects the sales of oranges; where price = the price of oranges per pound in dollars, and sales = the orange sales per week in pounds. Using the data that we collected, we performed a LinRegTTest on the calculator, which gave us the following results.
LinRegTTest
y = a + bx
a = 90.35
b = - 5.98
R2= .85
(r is omitted on purpose)
a. [4 pts] Write down the regression equation, using words for the variables.
b. [4 pts] Interpret the slope in words, in the context of the problem.
c. [4 pts] Interpret the y-intercept in words, in the context of the problem.
d. [4 pts] Interpret R2in words, in the context of the problem
e. [4 pts] Calculate the linear correlation coefficient r. Use the value of r to comment on the direction and strength of the linear association between the predictor and response variables.
f. [4 pts] If the price increases by $2.50, how will the sales be affected according to our linear model? State the amount and direction of the change.
g. [2 pts] Is this linear model a good model for the data? Use the value of R2to justify your response.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
