Business and Statistics
The marketing manager of a large supermarket chain has the business objective of using shelf space more efficiently. Toward that goal, he would like to use shelf space to predict the sales of pet food. Data is collected from a random sample of 12 equal-sized stores. For those data, SSR = 20535 and SST = 30025.
a) Determine the coefficient of determination, r2, and interpret its meaning.
b) Determine the standard error of the estimate.