Question
In: Statistics and Probability
The marketing manager of a large super-market chain has the business objective of using shelf space...
The marketing manager of a large super-market chain has the business objective of using shelf space most efficiently. Toward that goal, they would like to use shelf space to predict the sales of a specialty pet food. Data are collected from a random sample of 12 equal-sized store, with the following results: Shelf Space Sales Aisle Location 5 160 0 5 220 1 5 140 0 10 190 0 10 240 0 10 260 1 15 230 0 15 270 0 15 280 1 20 260 0 20 290 0 20 310 1 For these data, Syx = 30.8058436 and hi = 0.1373333 when X = 8. *Round final answers below to three decimal places. Do not round calculations until the final answer.
(a) Construct a 95% confidence interval estimate of the mean weekly sales for all stores that have 8 square feet of shelf space for pet food.
(b) Construct a 95% prediction interval of the weekly sales of an individual store that has 8 square feet of shelf space for pet food.
(c) Explain the difference in the results of (a) and (b).
Solutions
orchestra answered 1 year agoRelated Solutions
The marketing manager of a large supermarket chain would like to use shelf space to predict...
The marketing manager of a large supermarket chain would like to
use shelf space to predict the sales of pet food. For a random
sample of 15 similar stores, she gathered the following information
regarding the shelf space, in feet, devoted to pet food and the
weekly sales in hundreds of dollars. .
Store
Shelf Space
Weekly Sales
1
5
1.3
2
5
1.6
3
5
1.4
4
10
1.7
5
10
1.9
6
10
2.3
7
15
2.2
8...
The marketing manager of a large supermarket chain would like to use shelf space to predict...
The marketing manager of a large supermarket chain would like to
use shelf space to predict the sales of pet food. A random sample
of 12 equal-sized stores is selected, with the following
results.
Shelf Space
Sales
Aisle Location
5
160
0
5
220
1
5
140
0
10
190
0
10
240
0
10
260
1
15
230
0
15
270
0
15
280
1
20
260
0
20
290
0
20
310
1
A. Construct a scatter plot...
The marketing manager of a large supermarket chain faced the business problem of determining the effect...
The marketing manager of a large supermarket chain faced the
business problem of determining the effect on the sales of pet food
of shelf space and whether the product was placed at the front
(equals1) or back (equals 0) of the aisle. Data are collected
from a random sample of 12 equal-sized stores and are given below.
Complete parts (a) through (g). For parts (a) through (d), do
not include an interaction term.
Store
Shelf_Space_(Feet)
Location
Weekly_Sales_($)
1
5
Back...
Exhibit 14 -3 A sample of data The marketing manager of a large supermarket chain believes...
Exhibit 14 -3 A sample of data The marketing manager of a large
supermarket chain believes the sales volume, in dollars, of pet
food depends on the amount of shelf space (measured in feet of
shelf space) devoted to pet food. Shelf Space Sales 5 160 5 220 5
140 10 190 10 240 10 260 15 230 15 270 15 280 20 260 20 290 20
310
The proportion of the variation in sales that is explained by
shelf...
An accountant for a large department store has the business objective of developing a model to...
An accountant for a large department store has the business
objective of developing a model to predict the amount of time it
takes to process invoices. Data are collected from the past 32
working days, and the number of invoices processed and completion
time (in hours) are shown below. (Hint: First determine which are
the independent and dependent variables.) Use Excel:
Invoices
Time
103
1.5
173
2.0
149
2.1
193
2.5
169
2.5
29
0.5
188
2.3
19
0.3
201...
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city
has the business objective of developing more accurate estimates of
the monthly rental cost for apartments. Toward that goal, the agent
would like to use the size of an apartment, as defined by square
footage to predict the monthly rental cost. The agent selects a
sample of 25 apartments in a particular residential neighborhood
and collects the following data: Size (square feet) Rent ($) 850
1950 1450 2600...
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city
has the business objective of developing more accurate estimates of
the monthly rental cost for apartments. Toward that goal, the agent
would like to use the size of an apartment, as defined by square
footage to predict the monthly rental cost. The agent selects a
sample of 25 apartments in a particular residential neighborhood
and collects the following data: Size (square feet) Rent ($) 850
1950 1450 2600...
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city
has the business objective of developing more accurate estimates of
the monthly rental cost for apartments. Toward that goal, the agent
would like to use the size of an apartment, as defined by square
footage to predict the monthly rental cost. The agent selects a
sample of 25 apartments in a particular residential neighborhood
and collects the following data:
Size (square feet) Rent ($)
850, 1950
1450, 2600...
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city
has the business objective of developing more accurate estimates of
the monthly rental cost for apartments. Toward that goal, the agent
would like to use the size of an apartment, as defined by square
footage to predict the monthly rental cost. The agent selects a
sample of 25 apartments in a particular residential neighborhood
and collects the following data:
Size (square feet)
Rent ($)
850
1950
1450
2600...
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city
has the business objective of developing more accurate estimates of
the monthly rental cost for apartments. Toward that goal, the agent
would like to use the size of an apartment, as defined by square
footage to predict the monthly rental cost. The agent selects a
sample of 25 apartments in a particular residential neighborhood
and collects the following data:
Size (square feet)
Rent ($)
850
1950
1450
2600...
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