Concept explainers
Online clothes II For the online clothing retailer discussed in the previous problem, the
The
SD | ||
Income | $50,343.40 | $16,952.50 |
Total Yearly Purchase | $572.52 | $253.62 |
a) What is the linear regression equation for predicting Total Yearly Purchase from Income?
b) Do the assumptions and conditions for regression appear to be met?
c) What is the predicted Total Yearly Purchase for someone with a yearly Income of $20,000? For someone with an annual Income of $80,000?
d) What percent of the variability in Total Yearly Purchases is accounted for by this model?
e) Do you think the regression might be a useful one for the company? Comment.
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