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Electric Usage Narrative
The power company claims the amount of electricity used by a house (y) depends on = square metres of heated space,
= mean outside temperature, and
= mean hours of sunlight per day. Partial statistical software output is given below.
Regression Analysis
The regression equation is = 357 + 0.808 - 16.6
+ 40
S = 267.7 R-sq = 82.0% R-sq(adj) = 76.6%
Analysis of Variance
-Refer to Electric Usage Narrative. Carry out three separate tests with a significance level of 0.05 to decide if ,
, and
are significant.
Price Reduction
The act of lowering the price of products or services to attract more customers or sell off excess inventory.
Online Movie Streaming
The practice of delivering movies over the Internet, allowing users to watch content without downloading it.
Target Return Profit
A pricing strategy where the price is set to achieve a desired return-on-investment (ROI) or specific profit goal above the cost of the product or service.
Profit Goal
A specific financial target for net income that a company aims to achieve within a certain period.
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