Business, 14.04.2020 17:18, afletcher2000
Evaluate the regression line using the criteria of economic plausibility, goodness of fit, and slope of the regression line by choosing the correct statement to go with each of the evaluation criteria listed below. Economic plausibility: Promotional costs appear to be a plausible cost driver of ticket revenues. Sporting events frequently use promotional items to promote attendance and increase their patronage. Promotional costs appear to not be a plausible cost driver of ticket revenues. Sporting events tend to rely on word of mouth to promote business (and thus revenues) and less on promotions. Goodness of fit: The vertical differences between actual and predicted revenues appears to be quite large. This indicates that promotional costs are not related to ticket revenues. The vertical differences between actual and predicted revenues appears to be reasonably small. This indicates that promotional costs are related to ticket revenues. Slope of regression line: The slope of the regression line appears to be relatively steep indicating that, on average, ticket revenues increase with spending on promotions. The slope of the regression line appears to be almost flat indicating that, on average, ticket revenues do not vary with spending on promotions.
Answers: 2
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Evaluate the regression line using the criteria of economic plausibility, goodness of fit, and slope...
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