05 Jun Question Bradys Beer Store asked you to develop a way to forecast beer sales. You determined two factors that influence beer
Question
Bradys Beer Store asked you to develop a way to forecast
beer sales. You determined two factors that influence beer
sales for Bradys Beer Store: the temperature outside and
the number of people (age 21 or over) passing in front of the
store. You collected data over a period of time. You then
analyzed a random sample of 20 days using multiple
regression.
Y = the number of six-packs of beer sold each dayX1 = the
daily high temperatureX2 = the daily traffic countThe partial
computer output is below. Use it to answer the questions
below.
1
Analyze the correlation matrix.
1.
What is the correlation between beer sales and the daily
high temperature?
2.
Isthispositive?
3.
What is the correlation between beer sales and the daily
traffic count?
4.
Is this positive?
T-Values
5.
What is the calculated T Value for the variable X1? (This was
actually discussed on page 237 in Chapter 6)
6.
What is the critical T Value at the .01 significance level?
7.
Is this significant at the .01 significance level?
8.
Would you keep the X1 variable in your model?
9.
What is the calculated T Value for the variable X2?
10.Is this significant at the .01 significance level? 11.Would
you keep the X2 variable in your model?
Forecast
12.Forecast the number of six-packs sold if the high
temperature is 60 degrees and the traffic count is 500
people.
13.Forecast the number of six-packs sold if the high
temperature is 90 degrees and the traffic count is 500
people.
14.What is the average increase in six-packs of beer sold for
an increase of one degree in high temperature?
Use the following to answer question 15.
15. Do the errors (residuals) violate the assumption of
independent errors?
Use the following to answer question 16.
16. Does there appear to be significant autocorrelation at
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