There is statistically significant evidence to conclude that

Last updated: 5/6/2023

There is statistically significant evidence to conclude that there is a correlation between the amount of time customers spend at the store and the amount of money that they spend at the store Thus the regression line is useful Round to two decimal places d 7 e Interpret There is a 77 chance that the regression line will be a good predictor for the amount of money spent at the store based on the time spent at the store Given any group that spends a fixed amount of time at the store 77 of all of those customers will spend the predicted amount of money at the store 77 of all customers will spend the average amount of money at the store O There is a large variation in the amount of money that customers spend at the store but if you only look at customers who spend a fixed amount of time at the store this variation on average is reduced by 77 f The equation of the linear regression line is y Please show your answers to two decimal places g Use the model to predict the amount of money spent by a customer who spends 14 minutes at the store Dollars spent Please round your answer to the nearest whole number h Interpret the slope of the regression line in the context of the question For every additional minute customers spend at the store they tend to spend on averge 4 04 more money at the store O The slope has no practical meaning since you cannot predict what any individual customer will spend As x goes up y goes up i Interpret the y intercept in the context of the question If a customer spends no time at the store then that customer will spend 6 51 The y intercept has no practical meaning for this study O The best prediction for a customer who doesn t spend any time at the store is that the customer will spend 6 51 The average amount of money spent is predicted to be 6 51