Question: M6: Regression Analysis Mini-Case Assignment Scenario Script: Caption :Princess Foods wants to determine if there is a relationship in the amount a household spends on

M6: Regression Analysis Mini-Case Assignment

Scenario Script:

Caption:Princess Foods wants to determine if there is a relationship in the amount a household spends on prepared foods to family size and income.

Parthika:

Well, we still have data collected from a previous marketing study. Let's use that. We have an Excel file. I am sure we can find the spreadsheet. It should have the exact information we need.

Liwei: Yes, this could be interesting. We may find enough evidence to rethink the meal preparation kits again.

Bonnie: Great idea. We need to know it the data is a good fit and what the exact relationship is between the dependent variable and the independent variables. We can use this information to help us design perhaps a new line of prepared frozen foods.

Parthika:Yes, what about the prepackaged salad bowls. We really need to see this data.

Bonnie:Yes, let's get right on this.

Mini-Case Assignment

Please use the attached spreadsheet and Excel to determine the equation that represents the relationship and explain the goodness of fit.

Based on the data below, write a memo and interpret the results. How might this data be used?

Column 1:

Dollars spent on Prepared food

495.86

642.77

364.81

619.3

238.71

378.94

302.58

231.74

428.67

286.99

268.81

329.81

627.25

421.52

656.38

400.64

603.41

560.69

623

416.12

323.9

418.78

506.46

552.53

586.46

637.18

244.49

507.19

512.56

312.89

329.05

243.49

560.37

599.9

657.09

394.82

556.42

596.05

365.8

489.08

Column 2:

Family size

Column 3:

Gross monthly income

3126

3933

1925

3736

1453

2538

1798

1189

2247

1460

1567

1622

3828

2782

3978

2493

3753

3778

3609

2262

1966

2736

3274

3480

3741

3684

1476

2835

2873

1618

1565

1582

3380

3922

3845

2233

3098

3707

2071

3166

Can you assist? I would like this explained in excel with visible formulas so that I understand how the problem is actually solved.

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