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 o. Click the icon to view the wedding data. ine siope indicates that for eacn increase or 1 in attendance, the predicted weading cost is estimated to increase by a value equal to o₁.. OC. It is not appropriate to interpret the slope because it is outside the range of observed attendances. OD. The slope indicates that for each increase of 1 in wedding cost, the predicted attendance is estimated to increase by a value equal to b Interpret the Y-intercept of the regression equation. Choose the correct answer below. X Wedding Attendance and Cost Wedding Cost 58700 Attendance OA. The Y-intercept indicates that a wedding with an attendance of 0 people has a mean predicted cost of $bo OB. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of by people. OC. It is not appropriate to interpret the Y-intercept because it is outside the range of observed wedding costs. D. It is not appropriate to interpret the Y-intercept because it is outside the range of observed attendances. 300 54000 350 45000 150 42000 200 34000 250 31500 150 31000 250 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.) 30000 300 28000 250 28000 200 OA. The coefficient of determination is R²= 27000 This value is the proportion of variation in attendance that is explained by the variation in wedding cost. 150 26000 200 OB. The coefficient of determination is R² = This value is the probability that the correlation between the variables is statistically significant. 24000 200 22000 200 OC. The coefficient of determination is R?= ØD. This value is the probability that the slope of the regression line is statistically significant. 21000 200 21000 200 The coefficient of determination is R2=0.561. This value is the proportion of variation in wedding cost that is explained by the variation in attendance 19000 100 0 Interpret the values given in the test of the population slope. Use a 0.05 level of significance. State the null and alternative hypotheses the test. Ho B₁₂ 18000 150 18000 200 18000 150 17000 100 15000 100 H₁: B₁ # 0 (Type integers or decimals. Do not round.) Identify the test statistic. 15.42 (Round to two decimal places as needed.) Identify the p-value. The p-value is 0.700 (Round to three decimal places as needed.) 12000 150 7000 50 5000 50 Wedding Cost Attendance Print Done

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 o. Click the icon to view the wedding data. ine siope indicates that for eacn increase or 1 in attendance, the predicted weading cost is estimated to increase by a value equal to o₁.. OC. It is not appropriate to interpret the slope because it is outside the range of observed attendances. OD. The slope indicates that for each increase of 1 in wedding cost, the predicted attendance is estimated to increase by a value equal to b Interpret the Y-intercept of the regression equation. Choose the correct answer below. X Wedding Attendance and Cost Wedding Cost 58700 Attendance OA. The Y-intercept indicates that a wedding with an attendance of 0 people has a mean predicted cost of $bo OB. The Y-intercept indicates that a wedding with a cost of $0 has a mean predicted attendance of by people. OC. It is not appropriate to interpret the Y-intercept because it is outside the range of observed wedding costs. D. It is not appropriate to interpret the Y-intercept because it is outside the range of observed attendances. 300 54000 350 45000 150 42000 200 34000 250 31500 150 31000 250 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.) 30000 300 28000 250 28000 200 OA. The coefficient of determination is R²= 27000 This value is the proportion of variation in attendance that is explained by the variation in wedding cost. 150 26000 200 OB. The coefficient of determination is R² = This value is the probability that the correlation between the variables is statistically significant. 24000 200 22000 200 OC. The coefficient of determination is R?= ØD. This value is the probability that the slope of the regression line is statistically significant. 21000 200 21000 200 The coefficient of determination is R2=0.561. This value is the proportion of variation in wedding cost that is explained by the variation in attendance 19000 100 0 Interpret the values given in the test of the population slope. Use a 0.05 level of significance. State the null and alternative hypotheses the test. Ho B₁₂ 18000 150 18000 200 18000 150 17000 100 15000 100 H₁: B₁ # 0 (Type integers or decimals. Do not round.) Identify the test statistic. 15.42 (Round to two decimal places as needed.) Identify the p-value. The p-value is 0.700 (Round to three decimal places as needed.) 12000 150 7000 50 5000 50 Wedding Cost Attendance Print Done

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter5: Probability: An Introduction To Modeling Uncertainty

Section: Chapter Questions

Problem 14P: Suppose the following data represent the number of persons unemployed for a given number of months...

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