Date 1122 1123 1129 1130 126 127 1214 1215 1221 1222

Info icon This preview shows page 4. Sign up to view the full content.

View Full Document Right Arrow Icon
Date 11/22 11/23 11/29 11/30 12/6 12/7 12/14 12/15 12/21 12/22 12/29 12/30 Weather Sun Cloudy Sun Rain Sun Sun Cloudy Cloudy Cloudy Rain Snow Sun Lanes 5 12 11 7 12 8 6 10 8 6 4 8 Avg Wait Time (Min) 12.2 4.2 4.4 6.75 3.8 5.75 10.4 6.5 6.25 9.2 1.1 5.6 Salary for extra staff $213 $451 $444 $256 $498 $301 $229 $364 $291 $253 xxxx $320 19. What is the explanatory variable? Lanes What is the response variable Salary . 20. For answer # 19, make a scatterplot on your calculator and draw it below. x = lanes, y = salary 21. Generate the least squares regression line that describes the data and draw it on the graph above. 2 dec places) ˆ y = 38.72 x + 1.71 22. Give the meaning of the slope in the LSRL. For every extra lane opened up, Walmart pays $38.72 in extra salary 23. What specific point is the LSRL guaranteed to go through? x , y ( ) = 8.45,329.09 ( ) 24. Describe the data in terms of form, direction, and strength. Strong positive linear association. 25. Find the value of r . r = .98. Interpret it. Strong positive linear association. 26. Find the value of r 2 . r 2 = .96. Interpret it. 96% of the variation in Salary can be explained by the LSRL. 27. What is the predicted extra salary if Walmart opens 9 lanes? $350.19. 28. What is the predicted extra salary if Walmart opens 7 lanes? $272.75 29. What is the difference between the actual extra salary and predicted extra salary for 7 lanes? " $16.75 30. If Walmart will pay no more than $500 in extra salary, find the maximum lanes it can open. 12 31. If Walmart will pay no more than $250 in extra salary, how the maximum lanes it can open. 6 32. What is the predicted extra salary if Walmart opens no lanes? $1.71 33. What is the predicted extra salary if Walmart opens 50 lanes? $19.37.71 34. Why do the last two problems and answers make little sense for this problem? Extrapolation is dangeous. It shouldn't cost anything extra to open no lanes and no Walmart has 50 lanes. 35. A Walmart manager needs to decide how many lanes to open. Based on the data of the and the previous page, explain the dilemma he has in making a decision. Open too few lanes, they don't pay much extra money but people have a long waiting time. Open too many lane, people have a very short waiting period, but they pay a lot more money.
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern