A market manager of a large supermarket chain used shelf space for pet food to p

Question

A market manager of a large supermarket chain used shelf space for pet food to predict weekly sales. The manager collected data on shelf space and weekly sales from a random sample of 12 equal-sized stores. For those data, SSR 20,975 and SST 32,553. Use this information to complete parts (a) through (c) below a. Determine the coefficient of determination, 2, and interpret its meaning Round to three decimal places as needed.) Interpret the meaning of r It means that 11% of the variation in (Round to one decimal place as needed.) b. Determine the standard error of the estimate cn be explained by the variation in pet food sales shelf space. SxRound to four decimal places as needed.) c. How useful do you think this regression model is for predicting weekly pet food sales? O A. It is not very useful for predicting weekly pet food sales because the coefficient of determination is close to 0 O B. It is very useful for predicting weekly pet food sales because the coefficient of determination is close to 1 O C. It is very useful for predicting weekly pet food sales because the coefficient of determination is close to 0 O D. It is not very useful for predicting weekdy pet food sales because the coefficient of determination is close to 1

Explanation / Answer

r2 =SSR/SST =20975/32553=0.644

irt means that 64.4% of variation in pet food sales can be explained by the variation in shelf space

b)Syx =(SSE/(n-2))1/2 =((32553-20975)/10)1/2 =34.0265

c)

option B is correct,.

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