M6: Regression Analysis Mini-Case Assignment

M6: Regression Analysis Mini-Case Assignment

Scenario Script:

Caption:
Princess Foods wants to determine if there is a relationship in the amount a household spends on

prepared foods to family size and income. Parthika:

Well, we still have data collected from a previous marketing study. Let’s use that. We have an Excel file. I am sure we can find the spreadsheet. It should have the exact information we need.

Liwei: Yes, this could be interesting. We may find enough evidence to rethink the meal preparation kits again.

Bonnie: Great idea. We need to know it the data is a good fit and what the exact relationship is between the dependent variable and the independent variables. We can use this information to help us design perhaps a new line of prepared frozen foods.

Parthika

Yes, what about the prepackaged salad bowls. We really need to see this data.

Bonnie:
Yes, let’s get right on this.

Mini-Case Assignment

Please use the attached spreadsheet and Excel to determine the equation that represents the relationship and explain the goodness of fit.

Based on the data, write a memo and interpret the results. How might this data be used?

Dollars spent on Prepared food	Family size	Gross monthly income
495.86	4	3126
642.77	5	3933
364.81	3	1925
619.3	5	3736
238.71	1	1453
378.94	2	2538
302.58	1	1798
231.74	2	1189
428.67	3	2247
286.99	3	1460
268.81	1	1567
329.81	2	1622
627.25	5	3828
421.52	3	2782
656.38	5	3978
400.64	3	2493
603.41	6	3753
560.69	4	3778
623	5	3609
416.12	2	2262
323.9	1	1966
418.78	3	2736
506.46	4	3274
552.53	2	3480
586.46	4	3741
637.18	8	3684
244.49	2	1476
507.19	5	2835
512.56	5	2873
312.89	1	1618
329.05	2	1565
243.49	2	1582
560.37	8	3380
599.9	5	3922
657.09	5	3845
394.82	2	2233
556.42	4	3098
596.05	8	3707
365.8	4	2071
489.08	3	3166