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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