Cheryl Johnson, the director of marketing for the Thingamajig Company, has collected data on the annual number of households in the state, the adjusted average annual household income, and Thingamajig's sales of widgets. She would like you to analyze these data for developing a forecast of future widget sales. Average Number of Household Widgets Year Households Income Sold 1980 39.5 34,000 5,500 1981 39.8 34,600 5,600 1982 40.4 41,000 5,900 1983 43.1 38,000 5,800 1984 43.2 39,000 6,100 1985 44.0 42,000 6,900 1986 44.5 44,000 6,300 1987 46.2 49,000 7,300 1988 46.5 46,000 6,700 1989 46.8 51,000 6,900 1990 47.0 48,000 7,200 1991 47.1 47,000 7,100 1992 47.3 50,000 7,100 1993 47.7 51,000 7,400 1994 48.0 53,000 7,600 1995 48.1 54,000 7,900 1996 48.4 55,000 7,300 1997 48.5 53,000 8,000 1998 49.0 57,000 8,500 Question #1 1. (A) In sheet Question #1,Perform a regression analysis on the above data to see if the population can be used to predict future sales. (B) Creat a graph that shows the historical data, the regression line and 95% confidence interval lines. (C) Predict sales for the next three years based on the population projections listed below. (fill in the blanks below) Estimated Year Population Prediction 1999 52.0 2000 52.1 2001 52.3 (D) Is this a good representational model? Why or why not? (Answer): Question #2 2. (A) In sheet Question #2 perform a regression analysis on the above data to see if household income can be used to predict future sales. (B) Create a graph that shows the historical data, the regression line and 95% confidence interval lines. (C) Predict sales for the next three years based on the income projections listed below. (fill in the blanks below) Estimated Year Income Prediction 1999 58,000 2000 62,000 2001 65,000 (D) Is this a good representational model? Why or why not? (Answer): Question #3 3. (A) In sheet Question #3 perform a multiple regression analysis on the above data to see if household income and population can be used to predict future sales. (B) Predict sales for the next three years based on the income and population projections listed below. (fill in the blanks below) Estimated Estimated Year Income Population Prediction 1999 58,000 52.0 2000 62,000 52.1 2001 65,000 52.3 (C) Is this a good representational model? Why or why not? (Answer):