Scenario Question: The following data relate the sales figures of the bar in Mar
ID: 367889 • Letter: S
Question
Scenario Question: The following data relate the sales figures of the bar in Mark Kaltenbach's small bed-and-breakfast inn in Portand, to the number of guests registered that week, perform a linear regression that relates bar sales to guests (not to time) (Show your calculation): Veek Guests ale 120 20 300 15 20 1. (5 points) What is the slope for regression equation 2. (2 points) What is the intercept for regression equation 3. (3 points) If the forecast is for 13 guests next week, what are the sales expected to be? 4. (4 points) What is the standard error of the estimate? How to interpret it? 5. (3 points) What is the correlation coefficient for this regression? How to interpret it? 6. (3 points) What is the coefficient of determination for this regression? How to interpret it?Explanation / Answer
Expert Answer
[pramod]
pramodanswered this
a) to perform linear regression for these data use excel command path . the path of excel is
menu------> excel-----> enter the data of bar sales and guest------->data------.>data analysis-------> regression------>ok---------->input y range (select the data of bar sales )-------->input x range (select the data of guest from excel )------------------>output range (click on blank box in excel )--------> ok . the regression give the output as follows :
the regression line is y = bo + b1 (x) i.e.
bar sales = intercept + slope ( guest )
bar sales = 50 + 18 ( guests )
b) put guests (x )= 20 in the regression line then
sales = 50 + 18 ( 20 ) ====> sales = 50 + 360
sales = 410 these is the answer.
if the forecast for next week is 20 guests , then the expected sales to be 410 .
the following output is the excel output for intercept and slope.
Coefficients Standard Error
Intercept 50 26.26785107
X Variable 1 18
1.732050808
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