(We are using the same data set we used in Question 2) You are the manager...

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Finance

(We are using the same data set we used in Question 2)
You are the manager of the supermarket on the ground floor ofHolmes Building. You are wondering if there is a relation betweenthe number of students attending class at Holmes Institute eachday, and the amount of chocolate bars sold. That is, do you sellmore chocolate bars when there are a lot of Holmes students around,and less when Holmes is quiet? If there is a relationship, youmight want to keep less chocolate bars in stock when Holmes isclosed over the upcoming holiday. With the help of the campusmanager, you have compiled the following list covering 7weeks:
Page 4 of 9
Weekly attendance 472
413
503
612
399
538
455
Number of chocolate bars sold 6916
5884
7223
8158
6014
7209
6214
Tasks:
a. Calculate AND interpret the Regression Equation. You arewelcome to use Excel to check your
calculations, but you must first do them by hand. Show yourworkings.
(Hint 1 - As manager, which variable do you think is the onethat affects the other variable? In other words, which one isindependent, and which variable’s value is dependent on the othervariable? The independent variable is always x.
Hint 2 – When you interpret the equation, give specificexamples. What happens when Holmes are closed? What happens when 10extra students show up?)
b. Calculate AND interpret the Coefficient ofDetermination.

Answer & Explanation Solved by verified expert

4.4 Ratings (722 Votes)

I cant do it by hand but I can do it in excel and show you the output a Calculate AND interpret the Regression Equation You are welcome to use Excel to check your calculations but you must first do them by hand Show your workings As manager which variable do you think is the one that affects the other variable In other words which one is independent and which variables value is dependent on the other variable The independent variable is always x Attendance is the variable that impacts the chocolates sold Hence attendance is the See Answer

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Transcribed Image Text

(We are using the same data set we used in Question 2)You are the manager of the supermarket on the ground floor ofHolmes Building. You are wondering if there is a relation betweenthe number of students attending class at Holmes Institute eachday, and the amount of chocolate bars sold. That is, do you sellmore chocolate bars when there are a lot of Holmes students around,and less when Holmes is quiet? If there is a relationship, youmight want to keep less chocolate bars in stock when Holmes isclosed over the upcoming holiday. With the help of the campusmanager, you have compiled the following list covering 7weeks:Page 4 of 9Weekly attendance 472413503612399538455Number of chocolate bars sold 6916588472238158601472096214Tasks:a. Calculate AND interpret the Regression Equation. You arewelcome to use Excel to check yourcalculations, but you must first do them by hand. Show yourworkings.(Hint 1 - As manager, which variable do you think is the onethat affects the other variable? In other words, which one isindependent, and which variable’s value is dependent on the othervariable? The independent variable is always x.Hint 2 – When you interpret the equation, give specificexamples. What happens when Holmes are closed? What happens when 10extra students show up?)b. Calculate AND interpret the Coefficient ofDetermination.