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Interprete the P-value, Confidence Interval and Standard Error for the Abalone Fancy Fish Company

See the attached file.

The Abalone Fancy Fish Company sells exotic fish to high end restaurants throughout the West Coast. The sales manager wants to determine what, if any, relationship exists between the pounds/week of fish sold by 24 sales persons and the length of time (in years) the sales person has been with the company.

Attached is the MegaStat regression output. The dependent variable is Sales (in pounds/week) and the independent variable is Experience (in years).

Use the MegaStat output to identify and interpret the p-value and the confidence interval for the regression coefficient.

p-value for the regression coefficient =

Round your final answer to four decimal places.

Interpretation of the p-value:

A. This is the probability of correctly concluding that there is a relationship between sales and experience.
B. This is the probability of being incorrect in concluding that there is a relationship in the population between sales and experience.
C. This is the probability of correctly accepting the alternative hypothesis, that there is no relationship between sales and experience
D. This is the probability of correctly rejecting the null hypothesis that there is a relationship between sales and experience.
E. This value has no practical interpretation.
Please select the correct answer: A, B, C, D, or E

95% confidence interval for the regression coefficient: [ , ]

Round your final answers to four decimal places.

Interpretation of the 95% confidence interval:
A. This says we are 95% confident that, for the given experience level of 5 years, the sales will be between these values.
B. This says we are 95% confident that, in the population, additional sales will result in additional employment by the company.
C. This says we are 95% confident that, in the population, each additional year of experience will result in an increase in sales between these values.
D. This says we are 95% confident that if we take many sales persons, the mean sales will be between these values.
E. This confidence interval has no practical interpretation.

Please select the correct answer: A, B, C, D, or E

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Solution Summary

This solution provides the correct answers to the three interpretation questions.

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