Many regions along the coast in North and South Carolina and Georgia have experi

Question

Many regions along the coast in North and South Carolina and Georgia have experienced rapid population growth over the last 10 years. It is expected that the growth will continue over the next 10 years. This has motivated many of the large grocery store chains to build new stores in the region. The Kelley’s Super Grocery Stores Inc. chain is no exception. The director of planning for Kelley's Super Grocery Stores wants to study adding more stores in this region. He believes there are two main factors that indicate the amount families spend on groceries. The first is their income and the other is the number of people in the family. The director gathered the following sample information.

Food and income are reported in thousands of dollars per year, and the variable size refers to the number of people in the household.

Develop a correlation matrix. (Round your answers to 3 decimal places. Negative amounts should be indicated by a minus sign.)

How much does an additional family member add to the amount spent on food? (Round your answer to the nearest dollar amount.)

State the decision rule for 0.05 significance level. H0: = 1 = 2 = 0; H1: Not all i's = 0. (Round your answer to 2 decimal places.)

Complete the given below table. (Leave no cells blank - be certain to enter "0" wherever required. Round Coef, SE Coef, P to 3 decimal places and T to 2 decimal places.)

Many regions along the coast in North and South Carolina and Georgia have experienced rapid population growth over the last 10 years. It is expected that the growth will continue over the next 10 years. This has motivated many of the large grocery store chains to build new stores in the region. The Kelley’s Super Grocery Stores Inc. chain is no exception. The director of planning for Kelley's Super Grocery Stores wants to study adding more stores in this region. He believes there are two main factors that indicate the amount families spend on groceries. The first is their income and the other is the number of people in the family. The director gathered the following sample information.

Explanation / Answer

a. Correlation Matrix

all these are calculated with the help of excel

B(1)

Above given is the summary of multiple regression of food for income and size as independent variable

so the linear regression equation by interpreting the data

Food = 3.037 + 0.00663 * Income + 0.3746 * Size

b.2 increasing an additional memebr will cost = $0.3746

c.1 value of R2 = 0.6324

The 4 subparts are completed.

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