Lowes, a home improvement retailer, has authorized its marketing research department to make a study of…

Lowes, A home improvement store has granted authorization for its
Market research department will conduct an analysis of customers who are currently in the market.
been issued Lowes Card. Market research
Department hopes to determine the important variables that explain
Variation in purchasing. After these variables have been determined
This department hopes to draw in new customers.
It is expected that there will be a large volume of sales. Twenty-five customers
These variables were randomly selected.
These were also recorded

Your Name
= Average monthly
purchases (in dollars) at Lowes

x₁
= Customer age

x₂
= Customer family income

x₃
= Family size

The Excel worksheet below shows a part of the data. A
These data were used in the development of a regression model. This partial
Below are data and Excel regression output (complete data).
All twenty-five of our customers were used in the analysis. You can find this here
Answer the following questions with output

Observation	Purchase Volume ($)	Age	Family Income ($)	Families
1	75	42	$ 29,000	4
2	129	36	25,000	2
3	105	38	25,000	2
4	42	54	17,000	3
5	17	49	15,000	5
6	?	?	?	?
7	?	?	?	?
8	?	?	?	?
9	?	?	?	?
10	?	?	?	?
11	?	?	?	?
12	?	?	?	?
13	?	?	?	?
14	?	?	?	?
15	?	?	?	?
16	?	?	?	?
17	?	?	?	?
18	?	?	?	?
19	?	?	?	?
20	?	?	?	?
21	105	30	26,000	2
22	121	27	18,250	3
23	14	62	10,250	3
24	37	50	18,100	2
25	43	26	24,500	4

SUMMARY EXPUT

Statistical Regression
Multiple R
R Square
Adjusted R Square
Standard Error	32.27240363
Observations	25

ANOVA
	df	SS	MS	F
Regression
Residual		21871.66876
Total		38517.76

	Coefficients	Standard Error	t Stat	P-value
Intercept	87.78972947	25.46767899
Age X1	-0.970467501	0.586041665
Family Income X2	0.002334262	0.000745097
Family Size X3	-8.723322293	7.495492501

12.

Requirements

Examine
Below is the correlation matrix.

	Purchase Volume ($)	Age	Family Income ($).	Families
Purchase Volume ($)	1
Age	-0.41	1
Family Income ($).	0.46	0.05	1
Families	-0.24	0.50	0.27

Is there a problem with multicollinearity?
This regression model? Let’s briefly and clearly discuss the criteria.
You can use this method to find your answer. Multicollinearity may be indicated
Determine the variables that are relevant.

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