1. The owners of a franchise of fast food restaurants want to study the relationship between annual revenue ($000) and the number of chairs in each fast food restaurant. They took a random sample and used EXCEL to create the following simple linear regression.

Regression Statistics Multiple R 0.546 R Square 0.298 Adjusted R Square 0.285 Standard Error 5428.348 Observations 56 ANOVA df SS MS F Significance F Regression 1 6.76E+08 6.76E+08 22.931 1.34807E-05 Residual 54 1.59E+09 29466959 Total 55 2.27E+09 Coefficients andard Errot Stat P-value Lower 95% Upper 95% Intercept 8183.151 2265.269 3.612 0.000665733 3641.559 12724.743 chairs 109.740 22.917 4.789 1.34807E-05 63.795 155.686SUMMARY OUTPUT Regression Statistics Multiple R 0.91 R Square 0.82 Standard Error 11.48 Observations 59 Coefficients Standard Error Intercept 64.1 4.21 Hours -1.48 0.13