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A Local Grocery Store Wants to Predict the Daily Sales

question 19

Multiple Choice

A local grocery store wants to predict the daily sales in dollars. The manager believes that the amount of newspaper advertising significantly affects the store sales. The manager 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/Mega-Stat output given below summarizes the results of fitting a simple linear regression model using this data.
Regression Analysis
$\begin{array}{rc}\mathrm{r}^{2} 0.762 & \mathrm{n} 7 \\\mathrm{R} 0.873 & \mathrm{k} \text { 1 } \\\text { Std. Error 11.547 } & \text { Dep. Var. Sales }\end{array}$
ANOVA
table
$\begin{array}{rrrrrr}\hline \text { Source } & S S & d f & M S & F & p \text {-value } \\\hline \text { Regression } & 2,133.3333 & 1 & 2,133.3333 & 16.00 & .0103 \\\text { Residual } & 666.6667 & 5 & 133.3333 & & \\\hline \text { Total } & 2,800.0000 & 6 & & &\\\hline\end{array}$

$\text { Regression output }$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\text { Confidence interval }$
$\begin{array}{rrrrrrrr}\hline\text { Variables} & \text { Coefficients } & \text { std. error } & t(d f=5) & \text { p-value } & 95 \% &95 \% \text { upper } \\& & & & & \text { lower } & \\\hline \text { Intercep } & 63.3333 & 7.9682 & 7.948 & .0005 & 42.8505 & 83.8162 \\\text { Advertising } & 6.6667 & 1.6667 & 4.000 & .0103 & &\end{array}$
-What are the limits of the 95% confidence interval for the population slope?

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Definitions:

Education Level

A measurement of the highest stage or degree of formal learning or training that an individual has completed.

Labor Force

Refers to the total number of people, including both the employed and the unemployed, who are currently available to engage in the production of goods and services in an economy.

Entrepreneurs

Individuals who start, organize, manage, and assume the risk for a business venture.

Risky Activities

Actions or endeavors that involve a significant chance of loss or failure, often assessed in financial, business, or recreational contexts.