Suppose the Sherwin-Williams Company is interested in developing a simple regression model with paint sales (Y) as the dependent variable and selling price (P) as the independent variable. Complete the following worksheet and then use it to determine the estimated regression line. Sales Region Selling Price Sales ($/Gallon) (x 1000 Gal) ii xixi yiyi xixiyiyi xi2xi2 yi2yi2 1 15 160 2,400 225 25,600 2 13.5 220 2,970 182.25 48,400 3 16.5 140 2,310 272.25 19,600 4 14.5 190 2,755 210.25 36,100 5 17 120 2,040 289 14,400 6 16 160 2,560 256 25,600 7 13 210 2,730 169 44,100 8 18 150 2,700 324 22,500 9 12 210 2,520 144 44,100 10 15.5 190 2,945 240.25 36,100 Total 151 1,750 2,312 What is the estimate of the standard deviation of the estimated slope (sbsb)? 2.627 3.173 2.877 Can you reject the hypothesis (at the 0.05 level of significance) that there is no relationship (i.e., β=0β=0) between the variables? (Hint: t0.025,8=2.306t0.025,8=2.306) No Yes
Suppose the Sherwin-Williams Company is interested in developing a simple regression model with paint sales (Y) as the dependent variable and selling price (P) as the independent variable. Complete the following worksheet and then use it to determine the estimated regression line. Sales Region Selling Price Sales ($/Gallon) (x 1000 Gal) ii xixi yiyi xixiyiyi xi2xi2 yi2yi2 1 15 160 2,400 225 25,600 2 13.5 220 2,970 182.25 48,400 3 16.5 140 2,310 272.25 19,600 4 14.5 190 2,755 210.25 36,100 5 17 120 2,040 289 14,400 6 16 160 2,560 256 25,600 7 13 210 2,730 169 44,100 8 18 150 2,700 324 22,500 9 12 210 2,520 144 44,100 10 15.5 190 2,945 240.25 36,100 Total 151 1,750 2,312 What is the estimate of the standard deviation of the estimated slope (sbsb)? 2.627 3.173 2.877 Can you reject the hypothesis (at the 0.05 level of significance) that there is no relationship (i.e., β=0β=0) between the variables? (Hint: t0.025,8=2.306t0.025,8=2.306) No Yes
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Chapter1: Equations And Graphs
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Suppose the Sherwin-Williams Company is interested in developing a simple regression model with paint sales (Y) as the dependent variable and selling price (P) as the independent variable.
Complete the following worksheet and then use it to determine the estimated regression line.
|
Sales Region
|
Selling Price
|
Sales
|
|
||
|---|---|---|---|---|---|
|
($/Gallon)
|
(x 1000 Gal)
|
||||
| ii | xixi | yiyi | xixiyiyi | xi2xi2 | yi2yi2 |
| 1 | 15 | 160 | 2,400 | 225 | 25,600 |
| 2 | 13.5 | 220 | 2,970 | 182.25 | 48,400 |
| 3 | 16.5 | 140 | 2,310 | 272.25 | 19,600 |
| 4 | 14.5 | 190 | 2,755 | 210.25 | 36,100 |
| 5 | 17 | 120 | 2,040 | 289 | 14,400 |
| 6 | 16 | 160 | 2,560 | 256 | 25,600 |
| 7 | 13 | 210 | 2,730 | 169 | 44,100 |
| 8 | 18 | 150 | 2,700 | 324 | 22,500 |
| 9 | 12 | 210 | 2,520 | 144 | 44,100 |
| 10 | 15.5 | 190 | 2,945 | 240.25 | 36,100 |
| Total | 151 | 1,750 | 2,312 |
What is the estimate of the standard deviation of the estimated slope (sbsb)?
2.627
3.173
2.877
Can you reject the hypothesis (at the 0.05 level of significance) that there is no relationship (i.e., β=0β=0) between the variables? (Hint: t0.025,8=2.306t0.025,8=2.306)
No
Yes
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