Suppose you are a manager for a carnival game at the local fair. You want to estimate how many prizes you will need to have in stock to give out, based on the number of tickets purchased before the fair begins. You examine the past 24 fair openings to make your regression model, and find ŷ = 234.29 +0. 1x, where x is the number of tickets purchased before the fair begins, and ŷ is the predicted demand for prizes during the first day of the fair. You also find SE(b₁) = 0.045. Using a hypothesis test with a significance level of 1% select the correct interpretation of your analysis for the test below. [H₁ : ß₁ = 0 HA: B₁0
Suppose you are a manager for a carnival game at the local fair. You want to estimate how many prizes you will need to have in stock to give out, based on the number of tickets purchased before the fair begins. You examine the past 24 fair openings to make your regression model, and find ŷ = 234.29 +0. 1x, where x is the number of tickets purchased before the fair begins, and ŷ is the predicted demand for prizes during the first day of the fair. You also find SE(b₁) = 0.045. Using a hypothesis test with a significance level of 1% select the correct interpretation of your analysis for the test below. [H₁ : ß₁ = 0 HA: B₁0
Chapter3: Polynomial Functions
Section: Chapter Questions
Problem 18T
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