TABLE 17-12 The Marketing Manager for a Nationally Franchised Lawn Service Company

question 26

Short Answer

TABLE 17-12
The marketing manager for a nationally franchised lawn service company would like to study the characteristics that differentiate home owners who do and do not have a lawn service.A random sample of 30 home owners located in a suburban area near a large city was selected; 15 did not have a lawn service (code 0)and 15 had a lawn service (code 1).Additional information available concerning these 30 home owners includes family income (Income,in thousands of dollars),lawn size (Lawn Size,in thousands of square feet),attitude toward outdoor recreational activities (Attitude 0 = unfavorable,1 = favorable),number of teenagers in the household (Teenager),and age of the head of the household (Age).
The Minitab output is given below:
-Referring to Table 17-12,what is the p-value of the test statistic when testing whether Age makes a significant contribution to the model in the presence of the other independent variables?

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Definitions:

Demand Decrease

A reduction in the quantity of a good or service that consumers are willing and able to purchase at a given price.

Quantity Demanded

Quantity demanded refers to the total amount of a product consumers are willing to purchase at a specific price level, holding all else constant.

Quantity Demanded

It refers to the total amount of a good or service that consumers are willing and able to purchase at a particular price over a given period of time.

Willing And Able

The condition of being both interested in making an economic transaction and capable of doing so.