SOLUTION: Instructions for Exercises (a) Use Excel to make a scatter plot of the data. (b) Select the data points, right-click, select Add Trendline, select the Options tab, and choose Displ

Question 314610: Instructions for Exercises (a) Use Excel to make a scatter plot of the data. (b) Select the data points, right-click, select Add Trendline, select the Options tab, and choose Display equation on chart and Display R-squared value on chart. (c) Interpret the fitted slope. (d) Is the intercept meaningful? Explain. (e) Interpret the R2.

Moviegoer Spending on Snacks Movies
Age (X) --------------------($) Spent (Y)
30-----------------------------2.85
50-----------------------------6.50
34-----------------------------1.50
12-----------------------------6.35
37-----------------------------6.20
33-----------------------------6.75
36-----------------------------3.60
26-----------------------------6.10
18-----------------------------8.35
46-----------------------------4.35
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
You really should do this exercise in EXCEL.
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a)
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b)
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c) Looking at the cloud of data there does appear to be a slight downward slope as reflected in the slope value,
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d) Not really in this instant, it would be the amount of money spent by a newborn (age=0). That would most likely be $0.00.
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e) The data do not provide a good fit of data as shown with a correlation coefficient of
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A value of 1 would be a perfect fit, the closer to 1 the better, this value is very far from one. A linear model is not a good choice to model this data.
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