Regression Analysis
The local grocery store wants to predict its daily sales in dollars.The manager believes that the amount of newspaper advertising significantly affects the store's sales.He randomly selects 7 days of data consisting of daily grocery store sales (in thousands of dollars)and advertising expenditures (in thousands of dollars).The Excel/MegaStat output given above summarizes the results of the regression model.
What is the estimated simple linear regression equation?
Definitions:
99%
Often refers to a confidence level in statistics, indicating that there is a 99% chance the results fall within a specified range.
Two Proportions
A statistical comparison between two population proportions to determine if there is a significant difference.
Independent Samples T-Test
A statistical test used to determine if there are significant differences between the means of two unrelated groups on a continuous outcome.
Statistically Significant Difference
A difference between two groups or variables that is unlikely to have occurred due to chance alone, as determined by statistical analysis.
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