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##### Stats problems

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Question;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;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?;10.61The 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?

Paper#62342 | Written in 18-Jul-2015

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