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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) $30 $20 $300 $80 $78 $25 $17 $63 $150 $250 $10 $8 $180 $260
Decision Time (in minutes) (Y) 12 8 40 20 18 10 10 18 22 30 4 5 27 36
(See table attached as image)
a. Using Excel construct a scatter plot. Discuss the output of the scatter plot.
b. Give (or calculate) the correlation coefficient.
c. Give (or calculate) the coefficient of determination.
d. Give (or calculate) the regression equation coefficients; Give the equation of regression.
e. (very important) Answer this specially:
Based on the above values, in detail draw the conclusion:
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