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# HWK 20 - HW20 P596#27 Business Issue Upper support and...

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HW20 P596, #27 Business Question: Does the sample data provide evidence that a relationship exists between selling price of y (Price \$) and x (upper support of backpacking boots)? Data: A sample of 10 different models of day hikers and backpacking boots tested by Analysis: 1. Estimate the Model SUMMARY OUTPUT Regression Statistics Multiple R 0.89 R Square 0.8 Adjusted R Squa 0.77 Standard Error 17.63 Observations 10 ANOVA df SS MS F ignificance F Regression 1 9836.74 9836.74 31.63 0 Residual 8 2487.66 310.96 Total 9 12324.4 Coefficients tandard Erro t Stat P-value Lower 95%Upper 95% Intercept 49.93 21.27 2.35 0.05 0.87 98.99 Support 31.21 5.55 5.62 0 18.41 44 Estimated relationship is: Selling Price= 49.931+ 31.208(Upper Support) For a upper support rating of 4, we would predict the Price= 174.76 w/ a std. error of about \$17.63. 2. Assess the Estimated Model 1. How well does the linear model fit the sample data? 2. Does the sample provide statistical evidence that there is in fact a relationship like the one hypothesized? R sq.= 0.8 Thus, about 79.8% of the variation in Price can be explained if we know upper support for this sample.

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HWK 20 - HW20 P596#27 Business Issue Upper support and...

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