Instruction 12 -Referring to Instruction 12

question 124

Short Answer

Instruction 12.34
The management of a chain electronic store would like to develop a model for predicting the weekly sales (in thousands of dollars) for individual stores based on the number of customers who made purchases. A random sample of 12 stores yields the following results:
$$\begin{array} { | l | c | } \hline \text { Customers } & \text { Sales (Thousands of Dollars) } \\\hline 907 & 11.20 \\\hline 926 & 11.05 \\\hline 713 & 8.21 \\\hline 741 & 9.21 \\\hline 780 & 9.42 \\\hline 898 & 10.08 \\\hline 510 & 6.73 \\\hline 529 & 7.02 \\\hline 460 & 6.12 \\\hline 872 & 9.52 \\\hline 650 & 7.53 \\\hline 603 & 7.25 \\\hline\end{array}$$
-Referring to Instruction 12.34,what is the value of the t test statistic when testing whether the number of customers who make purchases affects weekly sales?

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Definitions:

Pecks

A traditional unit of volume used for dry goods, equivalent to approximately 9 liters or a quarter of a bushel.

Demand Function

A mathematical formula representing the relationship between the quantity of a good consumers are willing to buy and the price of the good, alongside other factors like income and the prices of related goods.

Total Revenue

The total income generated from the sale of goods or services before any costs are subtracted.

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.