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2018 Sales A regional high-end specialty supermarket is considering opening a new store and is curious about the relationship between demographic data and the store
2018 Sales A regional high-end specialty supermarket is considering opening a new store and is curious about the relationship between demographic data and the store sales in the existing stores. For example, are store sales related to the population in the town where the store is located? Data for 9 stores in 2018 is presented below, Population is given in thousands and annual sales in $ millions. Population 23 45 67 57 17 35 57 31 40 2018 Sales 0.88 1.20 2.27 1.86 0.99 1.99 2.87 1.21 145 25 10 20 30 40 50 60 70 05 Population Based on the given table, the linear regression equation is -0.031 +0.3531 and R2 0.6170. (a) Find the coefficient of linear correlation. Please round the answer to two decimal places. (b) is the association between the above factors positive or negative? Celestan arower (c) What would be the best predicted sales for a town with the population of 48000 7 Please round the answer to two decimal places. Hint: Use the regression equation to answer the question. in $ millions (d) if we use the same regression model to predict the annual sales for a store in a city with the population of 480000, would this forecast be reliable? We cannot use the same regression model, as the population of the city does not fall within the sample z-range Olf we use the same regression model, the forecast will still be reliable
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