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a. What is the regression model? "Wedding Cost +xAttendance (Round to three decimal places as needed.) b. Interpret all key regression results, hypothesis tests, and confidence intervals in the regression output from part a. Interpret the slope of the regression equation. Choose the correct answer below. OA. The slope indicates that for each increase of 1 in attendance, the predicted wedding cost is estimated to increase by a value equal to b₁. OB. The slope indicates that for each increase of 1 in wedding cost, the predicted attendance is estimated to increase by a value equal to b₁. OC. It is not appropriate to interpret the slope because it is outside the range of observed wedding costs. OD. It is not appropriate to interpret the slope because it is outside the range of observed attendances. Interpret the Y-intercept of the regression equation. Choose the correct answer below. OA. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of bo people. OB. The Y-intercept indicates that a wedding with an attendance of 0 people has a mean predicted cost of $bo- OC. It is not appropriate to interpret the Y-intercept because it is outside the range of observed attendances. OD. It is not appropriate to interpret the Y-intercept because it is outside the range of observed wedding costs. Identify and interpret the meaning of the coefficient of determination in this problem Select the en

a. What is the regression model? "Wedding Cost +xAttendance (Round to three decimal places as needed.) b. Interpret all key regression results, hypothesis tests, and confidence intervals in the regression output from part a. Interpret the slope of the regression equation. Choose the correct answer below. OA. The slope indicates that for each increase of 1 in attendance, the predicted wedding cost is estimated to increase by a value equal to b₁. OB. The slope indicates that for each increase of 1 in wedding cost, the predicted attendance is estimated to increase by a value equal to b₁. OC. It is not appropriate to interpret the slope because it is outside the range of observed wedding costs. OD. It is not appropriate to interpret the slope because it is outside the range of observed attendances. Interpret the Y-intercept of the regression equation. Choose the correct answer below. OA. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of bo people. OB. The Y-intercept indicates that a wedding with an attendance of 0 people has a mean predicted cost of $bo- OC. It is not appropriate to interpret the Y-intercept because it is outside the range of observed attendances. OD. It is not appropriate to interpret the Y-intercept because it is outside the range of observed wedding costs. Identify and interpret the meaning of the coefficient of determination in this problem Select the en

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.FOM: Focus On Modeling: Fitting Lines To Data
Problem 12P: Demand for Candy Bars In this problem you will determine a linear demand equation that describes the...
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Use the Regression tool on the accompanying wedding data, using the wedding cost as the dependent variable and attendance as the independent variable. Complete parts a through c. Click the icon to view the wedding data. a. What is the regression model? Wedding Cost= +(xAttendance (Round to three decimal places as needed.) b. Interpret all key regression results, hypothesis tests, and confidence intervals in the regression output from part a. Interpret the slope of the regression equation. Choose the correct answer below. OA. The slope indicates that for each increase of 1 in attendance, the predicted wedding cost is estimated to increase by a value equal to b₁. OB. The slope indicates that for each increase of 1 in wedding cost, the predicted attendance is estimated to increase by a value equal to b₁. OC. It is not appropriate to interpret the slope because it is outside the range of observed wedding costs. OD. It is not appropriate to interpret the slope because it is outside the range of observed attendances. Interpret the Y-intercept of the regression equation. Choose the correct answer below. A. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of bo people. OB. The Y-intercept indicates that a wedding with an attendance of 0 people has a mean predicted cost of $bo- OC. It is not appropriate to interpret the Y-intercept because it is outside the range of observed attendances. OD. It is not appropriate to interpret the Y-intercept because it is outside the range of observed wedding costs. Identify and interpret the meaning of the coefficient of determination in this problem. Select the correct choice below and fill in the answer box to complete your choice. (Round to three decimal places as needed.) OA. The coefficient of determination is R2: OB. The coefficient of determination is R2: OC. The coefficient of determination is R² This value is the proportion of variation in attendance that is explained by the variation in wedding cost. This value is the proportion of variation in wedding cost that is explained by the variation in attendance. = This value is the probability that the correlation between the variables is statistically significant. This value is the probability that the slope of the regression line is statistically significant. OD. The coefficient of determination is R= c. If a couple is planning a wedding for 225 guests, how much should they budget? They should budget $☐ . (Round to the nearest dollar as needed.)
Transcribed Image Text:Use the Regression tool on the accompanying wedding data, using the wedding cost as the dependent variable and attendance as the independent variable. Complete parts a through c. Click the icon to view the wedding data. a. What is the regression model? Wedding Cost= +(xAttendance (Round to three decimal places as needed.) b. Interpret all key regression results, hypothesis tests, and confidence intervals in the regression output from part a. Interpret the slope of the regression equation. Choose the correct answer below. OA. The slope indicates that for each increase of 1 in attendance, the predicted wedding cost is estimated to increase by a value equal to b₁. OB. The slope indicates that for each increase of 1 in wedding cost, the predicted attendance is estimated to increase by a value equal to b₁. OC. It is not appropriate to interpret the slope because it is outside the range of observed wedding costs. OD. It is not appropriate to interpret the slope because it is outside the range of observed attendances. Interpret the Y-intercept of the regression equation. Choose the correct answer below. A. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of bo people. OB. The Y-intercept indicates that a wedding with an attendance of 0 people has a mean predicted cost of $bo- OC. It is not appropriate to interpret the Y-intercept because it is outside the range of observed attendances. OD. It is not appropriate to interpret the Y-intercept because it is outside the range of observed wedding costs. Identify and interpret the meaning of the coefficient of determination in this problem. Select the correct choice below and fill in the answer box to complete your choice. (Round to three decimal places as needed.) OA. The coefficient of determination is R2: OB. The coefficient of determination is R2: OC. The coefficient of determination is R² This value is the proportion of variation in attendance that is explained by the variation in wedding cost. This value is the proportion of variation in wedding cost that is explained by the variation in attendance. = This value is the probability that the correlation between the variables is statistically significant. This value is the probability that the slope of the regression line is statistically significant. OD. The coefficient of determination is R= c. If a couple is planning a wedding for 225 guests, how much should they budget? They should budget $☐ . (Round to the nearest dollar as needed.)
Wedding data Wedding Cost Attendance 61700 300 54000 350 48000 150 41000 200 33000 250 31500 150 29000 250 29000 300 29000 250 28000 200 25000 150 25000 200 23000 200 23000 200 22000 200 20000 200 19000 100 19000 150 19000 200 18000 150 16000 100 16000 100 13000 150 7000 50 5000 50
Transcribed Image Text:Wedding data Wedding Cost Attendance 61700 300 54000 350 48000 150 41000 200 33000 250 31500 150 29000 250 29000 300 29000 250 28000 200 25000 150 25000 200 23000 200 23000 200 22000 200 20000 200 19000 100 19000 150 19000 200 18000 150 16000 100 16000 100 13000 150 7000 50 5000 50
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