Question
In: Statistics and Probability
A large retailer manages inventory by using the regression equation Y’ = 0.65 X + 240...
A large retailer manages inventory by using the regression equation Y’ = 0.65 X + 240 to predict the amount people will spend on clothing based on the amount they spend on entertainment.
If a person spends nothing on entertainment, how much would their predicted clothing expenditure be?
If a person spends $800 on entertainment, how much would their predicted clothing expenditure be?
Solutions
Expert Solution
Given that nothing is spent on entertainment, the predicted
clothing expenditure is computed here as:
Y = 0.65*0 + 240 = 240
Therefore 240 is the predicted expenditure required here.
Given that 800 is spent on entertainment, predicted clothing
expenditure here is computed as:
Y = 0.65*800 + 240 = 760
Therefore 760 is the predicted expenditure required here.
orchestra answered 1 year agoRelated Solutions
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1
2
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7
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3
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12
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85
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103
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48
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111.8
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84.3
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68.5
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90.8
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93.9
26.6
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45.5
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r =
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