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Andrew [12]
3 years ago
5

A researcher uses a regression equation to predict electric bill costs (in dollars) based on the age of the home (in years). The

correlation between predicted electric bills and age of the home is 0.60. How should this finding be interpreted?
Business
1 answer:
Artyom0805 [142]3 years ago
3 0

Answer:

36% of the variability in electric bills can be explained by the age of home

Explanation:

Given:

  • The correlation = 0.6

The coefficient of determination measures the proportion of variation in the dependent variable that is predictable from the independent variable.

The coefficient of determination is equal to R^{2};

In this situation we have the correlation = 0.6 , hence our coefficient is 0.6^{2} or 0.36. Therefore, 36% of the variability in electric bills can be explained by the age of home

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Answer:

See the explanation.

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Answer:

Total sales variance    $87,340   Favorable

See report below

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Budgeted Sales

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A                        40,000       $7          280,000

B                         39,000    $9            351,000

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A                        39,000       $7.10         276,900

B                        49,600       $8.90         441440

Sales Budget Report for the month of June 2019

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A                        280,000                  276,900         3,100      Unfavorable

B                        351,000                   441,440            <u>90,440  </u>favorable

   Total sales variance                                          <u>  87,340   Favorable</u>

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