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Fran’s Convenience Marts are located throughout metropolitan Erie, Pennsylvania. Fran, the owner, would like to expand into other communities in northwestern Pennsylvania and southwestern New York, such as Jamestown, Corry, Meadville, and Warren. To prepare her presentation to the local bank, she would like to better understand the factors that make a particular outlet profitable. She must do all the work herself, so she will not be able to study all her outlets. She selects a random sample of 15 marts and records the average daily sales (Y), the floor space(area), the number of parking spaces, and the median income of families in that ZIP code region for each. The sample information is reported below. sampled daily store parking income mart sales area spaces 1 1840 532 6 44 2 1746 478 4 51 3 1812 530 7 45 4 1806 508 7 46 5 1792 514 5 44 6 1825 556 6 46 7 1811 541 4 49 8 1803 513 6 52 9 1830 532 5 46 10 1827 537 5 46 11 1764 499 3 48 12 1825 510 8 47 13 1763 490 4 48 14 1846 516 8 45 15 1815 482 7 43 a. Determine the regression equation using regression program in ‘Data Analysis’ of Excel. What is the dependent variable? Interpret the coefficient of parking spaces. b. Conduct global test if the model is significant and also conduct individual hypothesis tests (t-tests) to determine if any of independent variables can be dropped from the model because they are not significant. c. .What is the value of R2 ? Can we conclude that this value is greater than 0? Test. d. Using the regression model, estimate the mean daily sales of a store with area = 500, Median Income ($) = 50,000 and Parking spaces =3. e. State the assumptions underlying the regression model.
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