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E270Lastname Firstname TEST7
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Next 5 questions are based on the following data relating cases sold of the brand of soft drink to media expenditure.
Media Expenditure
Case Sales
($millions)
(millions)
Use the following calculations in the relevant formulas to answer the questions
65
980
46
960
n =
7
32
700
x̅ =
32
28
345
y̅ =
520
25
360
∑xy =
153,310
∑(y − y̅)² =
773,450
18
180
∑x² =
9,198
∑(y − ŷ)² =
105,248.57
10
115
∑(x − x̅)² =
2,030
∑(ŷ − y̅)² =
668,201.43
1)
The estimated regression equation predicts that for each additional $1 million in media expenditure, the case sales would increase by ______ million.
A
9.6
B
12.8
C
14.6
D
18.1
2)
The regression model shows that on average observed values of Case Sales deviate from the predicted values (or from the regression line) by ______ million cases
A
145.1
B
135.2
C
126.5
D
118.3
3)
The regression model indicates that ______% of variations in case sales is explained by media expenditure
A
95.7
B
92.6
C
86.4
D
82.4
4)
To build a confidence interval for the slope coefficient b₁ the standard error of b₁, se(b₁) is
A
3.22
B
2.89
C
1.99
D
1.26
5)
To perform a test of hypothesis that the population slope parameter is zero, the test statistic t is
A
6.52
B
5.63
C
4.68
D
3.89
Use the following Excel regression output to answer the next 5 questions. The output shows the result of running a regression relating costs to production volume. Fill in the highlighted cells first.
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.9877
R Square
Adjusted R Square
0.9695
Standard Error
Observations
6
ANOVA
df
SS
MS
F
Signif F
Regression
1
160.07159
2.25E-04
Residual
184775
Total
5
7579083
Coefficients
Std Error
t Stat
P-value
Lower 95%
Upper 95%
Intercept
617.662
428.31
1.442
0.2227
-571.51
1806.84
X Variable 1
8.755
0.0002
6)
The percentage of the variations in cost explained by production volume is:
A
97.6%
B
93.0%
C
90.3%
D
87.7%
7)
The predicted total cost when production volume is 1,000 is,
A
8,581
B
8,827
C
9,373
D
9,670
8)
Given that the sum of the squared deviations of production volume is 96,470.83, the standard error of the slope coefficient is
A
1.280
B
1.084
C
0.888
D
0.692
9)
The lower end of the 95% confidence interval for the slope coefficient is
A
5.16
B
6.83
C
8.98
D
9.49
10)
The value of the t Stat for the slope coefficient is
A
12.65
B
10.17
C
7.69
D
5.21
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