Question

In: Statistics and Probability

The following table shows the average petrol price and the number of online shopping orders over...

The following table shows the average petrol price and the number of online shopping orders over a given month:

Petrol Price and Online Shopping
Average Petrol Price
per gallon over a month ($)
Number of Online
Shopping Orders
3.8025 3,860
4.975 4,172
1.525 1,389
3.81 3,766
1.515 2,072
4.0275 3,286
4.7075 3,840
4.8725 4,688
1.7425 1,795
1.3225 1,539

The relationship between the average petrol price and the number of online shopping orders in a given month is proposed to follow the simple regression equation below: show variables

y^ = b0 + b1x

Calculate the percentage of variability in the number of online shopping orders that is not explained by the average petrol price. Give your answer as a percentage to 1 decimal place.

Percentage = % __________

Solutions

Expert Solution

We have taken X as average petrol price per gallon over a month ($) and Y as number of online shopping orders.

Following are the steps to be followed for calculating regression equation:

For calculating the percentage of variability in the number of online shopping orders that is not explained by the average petrol price, first we need to find correlation coefficient r.

Following are the steps followed for calculating correlation coefficient:

Now r = 0.9653

So r2 = 0.9653*0.9653 = 0.9318

The value r2 showed that 93.18% of variability in the number of online shopping orders that is explained by the average petrol price.

So, variability not explained = 100 - 93.18 = 6.8%


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