The data file Spending .xlsx contains data the marketing department at a departm

Question

The data file Spending.xlsx contains data the marketing department at a department store collected to analyze the amount people spend per year at their store, their age, gender, income and the number of times they visited the store.

Develop an estimated regression equation that can be used to predict the amount someone would spend based on their age, gender, and income.

What is the test statistic value for the statistically insignificant variable?

Age Gender Income Visits AmountSpent 23 F 43000 1 200 25 F 26000 2 350 26 M 35000 1 400 18 F 5000 0 50 35 M 46000 1 700 60 M 90000 6 1000 56 M 80000 2 800 35 F 40000 6 360 58 M 46000 3 560 25 F 82000 8 470 29 M 55000 5 250 32 F 35000 2 600 38 M 60000 8 180 28 M 82000 3 600 29 F 75000 1 800 25 M 84000 6 400 35 F 25000 9 100 37 M 36000 3 250

Explanation / Answer

Residuals:

Min 1Q Median 3Q Max

-313.6 -114.3 -22.8 105.8 321.1

Coefficients:

Estimate Std. Error t value Pr(>|t|)

(Intercept) -1.599e+02 1.486e+02 -1.076 0.2999

Age 9.910e+00 4.306e+00 2.301 0.0373 *

GenderM -8.729e+01 1.060e+02 -0.823 0.4240

Income 6.071e-03 2.052e-03 2.959 0.0104 *

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Signif. codes: 0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 187.1 on 14 degrees of freedom

Multiple R-squared: 0.5878, Adjusted R-squared: 0.4995

F-statistic: 6.655 on 3 and 14 DF, p-value: 0.005075

The estimated regression equation is,

AmountSpent = -159.9 + 9.91 * Age -87.29 * Gender(Male) + 0.006071 * Income

The test statistic value of the statistically insignificant variable Gender( Male) is -0.823

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