Business students want to predict the average customer tip from an average customer’s restaurant bill. They...

Business students want to predict the average customer tip from an average customer’s restaurant bill. They have collected data from five customers. The results are listed below:

Customer	Bill	Tip
1	78	14.50
2	33	5.50
3	64	12
4	55	10.5
5	115	22

Develop a regression model to predict the tip amount based on the customer bill amount.

B. Calculate the predicted tip (Y value), if x=82.

Solutions

Expert Solution

orchestra answered 1 year ago

Next > < Previous

Related Solutions

Customer Amount of Tip Amount of Bill Number of Diners Customer Amount of Tip Amount of...

Customer Amount of Tip Amount of Bill Number of Diners Customer Amount of Tip Amount of Bill Number of Diners 1 $ 7.70 $ 46.02 1 16 $ 3.30 $ 23.59 2 2 4.50 28.23 4 17 3.50 22.30 2 3 1.00 10.65 1 18 3.25 32.00 2 4 2.40 19.82 3 19 5.40 50.02 4 5 5.00 28.62 3 20 2.25 17.60 3 6 4.25 24.83 2 21 3.90 58.18 1 7 0.50 6.25 1 22 3.00 20.27 2...

Write a program that computes the tax and tip on a restaurant bill for a patron...

Write a program that computes the tax and tip on a restaurant bill for a patron with $44.50 meal charge. The tax should be 6.75% of the meal cost. The tip should be 15% of the total after adding tax. Display the meal cost, tax amount, tip amount, and total bill on the screen. (I need this to be in OOP using C++)

A restaurant wants to estimate the average bill paid by a party of two for dinner...

A restaurant wants to estimate the average bill paid by a party of two for dinner (service hours after 5 p.m.) They take a random sample of 100 bills and find that they average $80 with a standard deviation of $40. In making an 80% confidence interval for the parameter of interest, they should get a margin of error of about ± $80 ± $50 ± $10 ± $5 A random sample of 900 homeowners in Centre County is taken...

Women’s hands are 6.9 inches on average (from the tip of the middle finger to the...

Women’s hands are 6.9 inches on average (from the tip of the middle finger to the heel of the hand). The standard deviation is 0.34 inches. Assume that hand length is normally distributed. A.) What is the probability that a woman would have a hand length longer than 7.58 inches? Show your work. Start by finding the z-score for 7.58 and then use what you know about the normal distribution to find the probability. B.) What is the probability that...

You work at Happy Joe's family restaurant and want to see if customer meal satisfaction and...

You work at Happy Joe's family restaurant and want to see if customer meal satisfaction and gender are related to one another. You take a sample of customers and ask them if they were satisfied with their meal and note their gender. To test at the 0.1 level to determine if Satisfaction and Gender are dependent, calculate the chi-square test statistic and p-value. 26 29 27 8 17 13 Numbers in the chart that wouldn't copy over ^ Question 3...

Consider that you are a customer, eating at a restaurant, observing the business PROCESS. Describe the...

Consider that you are a customer, eating at a restaurant, observing the business PROCESS. Describe the degree to which the steps in the process are integrated (or not!) What is the impact of that integration on you as a customer?

A restaurant that bills its house account monthly is concerned that the average monthly bill exceeds...

A restaurant that bills its house account monthly is concerned that the average monthly bill exceeds $200 per account. A random sample of 16 accounts is selected, resulting in a sample mean of $210 and a standard deviation of 20. Using a level of significance of 0.01, can we conclude that the average monthly bill is greater than $200 per account? 1. What is Ho and H1? 2. What is the Decision Rule? 3. What is the computed value of...

Consumers Energy states that the average electric bill across the state is $147.49. You want to...

Consumers Energy states that the average electric bill across the state is $147.49. You want to test the claim that the average bill amount is actually less than $147.49. The hypotheses for this situation are as follows: Null Hypothesis: μ ≥ 147.49, Alternative Hypothesis: μ < 147.49. You complete a randomized survey throughout the state and perform a one-sample hypothesis test for the mean, which results in a p-value of 0.0416. What is the appropriate conclusion? Conclude at the 5%...

Consumers Energy states that the average electric bill across the state is $48.287. You want to...

Consumers Energy states that the average electric bill across the state is $48.287. You want to test the claim that the average bill amount is actually less than $48.287. The hypotheses for this situation are as follows: Null Hypothesis: μ ≥ 48.287, Alternative Hypothesis: μ < 48.287. A random sample of 35 customer's bills shows an average cost of $51.651 with a standard deviation of $8.3447. What is the test statistic and p-value for this test?

Consumers Energy states that the average electric bill across the state is $41.553. You want to...

Consumers Energy states that the average electric bill across the state is $41.553. You want to test the claim that the average bill amount is actually greater than $41.553. The hypotheses for this situation are as follows: Null Hypothesis: μ ≤ 41.553, Alternative Hypothesis: μ > 41.553. A random sample of 47 customer's bills shows an average cost of $43.307 with a standard deviation of $8.0202. What is the test statistic and p-value for this test? 1) Test Statistic: -1.499,...

Subjects