1. A women’s clothing department wants to find out if there is a relationship (and what kind of
relationship) between the price of an item and the time that it takes to a customer to decide in
buying that item.
Item Price (x) Decision Time (in minutes) (Y)
$30 12
$20 8
$300 40
$80 20
$250 30
$10 4
$8 5
$180 27
$260 28
a. Using Excel construct a scatter plot. Discuss the output of the scatter plot.
b. Calculate the following statistically useful quantities.
?X = ?Y= ?XY= ?X2= ?Y2=
c. Calculate the correlation coefficient. Calculate the coefficient of determination.
d. Calculate the regression equation coefficients; Give the equation of regression.
e. How long the decision of buying will take if the item costs $125.00?
f. (very important)
Based on the above calculated values in detail draw the conclusion:
• Discuss the correlation coefficient r
• Discuss the coefficient of determination r2
• Discuss the meaning of the regression equation
Please show all work
Solution

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