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%
orchestra answered 2 years agoRelated Solutions
The following table shows the average petrol price and the number of online shopping orders over...
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