(Solution) 12.43 In Problem 12.5 On Page 441, You Used The Summated Rating Of A Restaurant To Predict The Cost Of A Meal. The Data Are Stored In RESTAURANTS | Snapessays.com


(Solution) 12.43 In Problem 12.5 on page 441, you used the summated rating of a restaurant to predict the cost of a meal. The data are stored in RESTAURANTS


please see attachment12.43

 

In Problem 12.5 on page 441, you used the summated

 

rating of a restaurant to predict the cost of a meal. The data

 

are stored in RESTAURANTS ATTACHMENT . Using the results of that problem,

 

b1=1.2409 and Sb1=0.1421

 

a.

 

At the 0.05 level of significance, is there evidence of a

 

linear relationship between the summated rating of a

 

restaurant and the cost of a meal?

 

b.

 

Construct a 95% confidence interval estimate of the

 

population slope, b1.

 

12.17

 

In Problem 12.5 on page 441, you used the summated

 

rating to predict the cost of a restaurant meal (stored

 

in )RESTAURANTS ATTACHMENTS. For those data, SSR= 6,951.3963

 

and SST=15,890.11

 

a.

 

Determine the coefficient of determination, and interpret

 

its meaning.

 

b.

 

Determine the standard error of the estimate.

 

c.

 

How useful do you think this regression model is for predicting

 

audited sales?

 

10.61

 

The per-store daily customer count (i.e., the mean number

 

of customers in a store in one day) for a nationwide convenience

 

store chain that operates nearly 10,000 stores has been

 

steady, at 900, for some time. To increase the customer count,

 

the chain is considering cutting prices for coffee beverages. The

 

question to be determined is how much to cut prices to increase

 

the daily customer count without reducing the gross margin on coffee sales too much. You decide to carry out

 

an experiment in a sample of 24 stores where customer counts have been running

 

almost exactly at the national average of 900. In 6 of the stores, the price of a small coffee will now be $0.59,

 

in 6 stores the price of a small coffee will now be $0.69, in 6 stores, the

 

price of a small coffee will now be $0.79, and in 6 stores, the price of a small coffee will now be $0.89. After

 

four weeks of selling the coffee at the new price, the daily customer count in

 

the stores was recorded and stored in COFFEE .

 

a.

 

At the 0.05 level of significance, is there evidence of a

 

difference in the daily customer count based on the price

 

of a small coffee?

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: May 23, 2022

Solution~00021147602174.zip (25.37 KB)


This attachment is locked

Our expert Writers have done this assignment before, you can reorder for a fresh, original and plagiarism-free copy and it will be redone much faster (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

May 23, 2022

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • ■ As a reference for in-depth understanding of the subject.
  • ■ As a source of ideas / reasoning for your own research (if properly referenced)
  • ■ For editing and paraphrasing.

This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

Get Free Price Quote