Data were collected to explain the amount of a customer’s purchase (expressed in $’s) based on the amount of time the customer has spent on the company’s website (expressed in minutes) *COMPLETE THE DATA TABLE BELOW*
Extracted text: f) To determine the predicted purchase amt for a cUstomer who has spent 30 minutes the website ? the results The regression equation bafed ニ -3.53+7,12x ic purcha s -3.53+1.12 time Substitute time =30 in the equation Purchase = -3.53+7.12 time -3. 53+7,1230=~3,53+213,63 ニ $210,07
Extracted text: 3) Data were collected to explain the amount of a customer's purchase (expressed in $'s) based on the amount of time the customer has spent on the company's website (expressed in minutes) Complete the Table Below Regression Statistics Multiple R R Square Adjusted R Square Standard Error 0,508 Observations 12 ANOVA Significance F 0.005598142 df MS F 63067.3 Regression Residual 51086.4 Total Standard Error Upper 95% Coefficients t Stat P-value Lower 95% Intercept -3.53 42.21 0.935 Time 7.12 2.03 0.006 Based on the regression results, answer the following questions a) What is the estimated regression equation? Intercept : -3,53 cst reg equi time = 7, 12 b) What percentage of the variation in purchase amount is explained by time? STOpel here its time) Y = -3,53+7,12X Adjusted rquare = 0.508 0,50X 100 '/ 5o, 87, c) What is the correlation between purchase amount and time? R -Squared (R2) = 6.S0g correlation (r) r=r= correlatioa btwn purch amount and time 0.4127 r = 0, SG8 r =0. 17 d) What is the standard error of the error term in the regression equatiðn?' SE =SSResidual de - SI086,412-2=5108.64 =71,475 e) Is the coefficient on the variable “time" statistically significantly different than 0 at the 5% level of significance? How do you know? yes, the variable time ,s Sig dif from ø at S Co rres d= 0.05 Ievel because the R-value is less than Sig level f) What is the predicted purchase amount for a customer who has spent 30 minutes on the website? ing Sig is 0,.00c, which.. to time 5