The marketing manager of a large supermarket chain would like to use shelf space to predict the sales of pet food. A random sample of 12 equal-sized stores is selected, with the following results (see attachment called PetFood).
A. Construct a scatter plot. For these data b0 = 145 and b1 = 7.4
B. Interpret the meaning of the slope, b1, in this problem.
C. Predict the weekly sales of pet food for stores with 8 feet of shelf space for pet food.
The marketing manager used shelf space for pet food to predict weekly sales (see attachment PetFood). For those data, SSR=20,535 and SST=30,025
D. Determine the coefficient of determination, r2, and interpret its meaning.
E. Determine the standard error of the estimate.
F. How useful do you think this regression model is for predicting sales.
G. Perform a residual analysis for this data (see attachment PetFood). Evaluate whether the assumption of regression have been seriously violated.
Please use Excel.
This solution is comprised of a detailed explanation of various aspects of Regression Analysis as it pertains to the given problem. Supplemented with EXCEL output and text, this step-by-step explanation of this complicated topic provides students with a clear perspective of Regression Analysis.