- Select your answer - b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? There appears to be a - Select your answer - relationship between the two variables. Does there appear to be any outliers and/or influential observations? Observation - Select your answer appears to be an observation with high leverage and may be very influential in terms of fitting a linear model to the data. c. Using the entire data set, develop the estimated regression equation that can be used to predict the shopping time given the arrival time (to 4 decimals). + x d. Use residual analysis to determine whether any outliers or influential observations are present. Observation - Select your answer - has a standardized residual | - Select your answer - , indicating it is an outlier. e. After looking at the scatter diagram in part (a), suppose you were able to visually identify what appears to be an influential observation. Drop this observation from the data set and fit an estimated regression equation to the remaining data (to 4 decimals). + x Compare the estimated slope for the new estimated regression equation to the estimated slope obtained in part (c). Does this approach confirm the conclusion you reached in part (d)? Explain. The slope of the estimated regression equation is now as compared to a value of when this observation is included. Thus, we see that this observation impact on the value of the slope of the fitted line and hence we - Select your answer that it is an influential observation. Select your answer a Retail chain Kroger has more than 2700 locations and is the largest supermarket in the United States based on revenue. Kroger has invested heavily in data, technology, and analytics. Feeding predictive models with data from an infrared sensor system called QueVision to anticipate when shoppers will reach the checkout counters, Kroger is able to alert workers to open more checkout lines as needed. This has allowed Kroger to lower its average checkout time from four minutes to less than 30 seconds (Retail Touchpoints). Consider the data in the file Checkout. The file contains 32 observations. Each observation gives the arrival time (measured in minutes before 6 p.m.) and the shopping time (measured in minutes). DATA file a. Select the correct scatter diagram for arrival time as the independent variable. A. 60 50 40 30 20 10 Shopping Time (Minutes) 20 40 60 8- 80 Arrival Time (Minutes before 6 p.m.) 100 120 140 160

- Select your answer - b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? There appears to be a - Select your answer - relationship between the two variables. Does there appear to be any outliers and/or influential observations? Observation - Select your answer appears to be an observation with high leverage and may be very influential in terms of fitting a linear model to the data. c. Using the entire data set, develop the estimated regression equation that can be used to predict the shopping time given the arrival time (to 4 decimals). + x d. Use residual analysis to determine whether any outliers or influential observations are present. Observation - Select your answer - has a standardized residual | - Select your answer - , indicating it is an outlier. e. After looking at the scatter diagram in part (a), suppose you were able to visually identify what appears to be an influential observation. Drop this observation from the data set and fit an estimated regression equation to the remaining data (to 4 decimals). + x Compare the estimated slope for the new estimated regression equation to the estimated slope obtained in part (c). Does this approach confirm the conclusion you reached in part (d)? Explain. The slope of the estimated regression equation is now as compared to a value of when this observation is included. Thus, we see that this observation impact on the value of the slope of the fitted line and hence we - Select your answer that it is an influential observation. Select your answer a Retail chain Kroger has more than 2700 locations and is the largest supermarket in the United States based on revenue. Kroger has invested heavily in data, technology, and analytics. Feeding predictive models with data from an infrared sensor system called QueVision to anticipate when shoppers will reach the checkout counters, Kroger is able to alert workers to open more checkout lines as needed. This has allowed Kroger to lower its average checkout time from four minutes to less than 30 seconds (Retail Touchpoints). Consider the data in the file Checkout. The file contains 32 observations. Each observation gives the arrival time (measured in minutes before 6 p.m.) and the shopping time (measured in minutes). DATA file a. Select the correct scatter diagram for arrival time as the independent variable. A. 60 50 40 30 20 10 Shopping Time (Minutes) 20 40 60 8- 80 Arrival Time (Minutes before 6 p.m.) 100 120 140 160

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter17: Making Decisions With Uncertainty

Section: Chapter Questions

Problem 6MC

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