The U.S. online grocery market is estimating sales worth approximately $29.7 billion by 2021. One of the biggest situational factors that influence the amount spent by a customer is the distance that that customer lives from its closest grocery store. Using the OLS method, the simple regression equation was estimated as: y = 40 + 3.5x. Find 1) the predicted amount a customer spends if they live 10 miles from the closest grocery store, as well as 2) the error amount. Note: the observed amount spent by a customer that lives 10 miles away is $85.50. a) $75.00, $10.50 Ob) $75.00, -$10.50 Oc) $73.00, $12.50 d) $73.00, -$12.50
The U.S. online grocery market is estimating sales worth approximately $29.7 billion by 2021. One of the biggest situational factors that influence the amount spent by a customer is the distance that that customer lives from its closest grocery store. Using the OLS method, the simple regression equation was estimated as: y = 40 + 3.5x. Find 1) the predicted amount a customer spends if they live 10 miles from the closest grocery store, as well as 2) the error amount. Note: the observed amount spent by a customer that lives 10 miles away is $85.50. a) $75.00, $10.50 Ob) $75.00, -$10.50 Oc) $73.00, $12.50 d) $73.00, -$12.50
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter1: Functions
Section1.CR: Chapter 1 Review
Problem 86CR
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Transcribed Image Text:The U.S. online grocery market is estimating sales worth approximately $29.7 billion
by 2021. One of the biggest situational factors that influence the amount spent by a
customer is the distance that that customer lives from its closest grocery store. Using
the OLS method, the simple regression equation was estimated as: y = 40 + 3.5x.
Find 1) the predicted amount a customer spends if they live 10 miles from the
closest grocery store, as well as 2) the error amount. Note: the observed amount
spent by a customer that lives 10 miles away is $85.50.
a) $75.00, $10.50
Ob) $75.00, -$10.50
c) $73.00, $12.50
d) $73.00, -$12.50
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