Standard error of estimate of regression coefficient
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The Zebra Wild Game Company sells exotic game to high end restaurants throughout Asia. The sales manager wants to determine what, if any, relationship exists between the pounds/week of game sold by 24 sales persons and the advertising dollars spent (in hundreds of dollars/week).
Attached is the Minitab regression output. The dependent variable is Sales (in pounds/week) and the independent variable is Advertising (in hundreds of dollars/week)
Using the Minitab output to identify the standard error and interpret it.
Standard Error =
*Round answer to three decimal places.
Interpretation of the Standard Error:
A. This tells us how much sales will increase for each additional year of experience of a sales person.
B. This tells us the mean sales we should expect for any given number of years experience.
C. This is a measure of how much the observed sales values vary from the predicted values.
D. This tells us how much we should expect the years of experience to decline for each increase in sales of 103.431 pounds.
E. This values has no practical importance.
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Solution Summary
Step by step method for computing Standard error of estimate of regression coefficient is given in the answer.
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Simple Linear Regression Analysis
The Zebra Wild Game Company sells exotic game to high end restaurants throughout Asia. The sales manager wants to determine what, if any, relationship exists between the pounds/week of game sold by 24 sales persons and the ...
Purchase this Solution
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