what is the percentage of the total variation in candy bar sales explained by the regression model? a. 78.39% b. 88.54% c. 100% d. 48.19%

Complete question :

A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price of their product. To do this, the company randomly chooses 6 small cities and offers the candy bar at different prices. Using candy bar sales as the dependent variable, the company will conduct a simple linear regression on the data below:

City - - - - - Price ($) -- - Sales

River City - - 1.30 - - - - - - 100

Hudson - - - 1.60 - - - - - 90

Ellsworth - - - 1.80 - - - - - 90

Prescott - - - - 2.00 - - - - 40

Rock Elm - - 2.40 - - 38

Stillwater - - 2.90 - - 32

78.39%

Step-by-step explanation:

what is the percentage of the total variation in candy bar sales explained by the regression model?

The question could be interpreted as meaning the percentage of the total variation in the dependent variable (candy bar sales) which can be explained by the regression model. Hence the independent variable is price. This variance can be known by calculating the Coefficient of determination (R^2) value of the regression model.

To save computation time, the R^2 value can be obtained using an online Coefficient of determination calculator.

To obtain the R^2 value, the values of the dependent and independent variables are entered. The R^2 value obtained is : 0.7839

Therefore the total proportion of variance in candy bar sales explained by the regression model is 0.7839 which is equivalent to:

(0.7839 * 100) = 78.39%

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