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Descriptive Statistics help with the explanation 14) (10 points) Sweater Sales The owner of a garment factory expects that monthly sales of sweaters ($1000's) will

Descriptive Statistics help with the explanation

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14) (10 points) Sweater Sales The owner of a garment factory expects that monthly sales of sweaters ($1000's) will be related to the long-range forecast high temperature (OF) for the following month. Data for several months were used to estimate the model: Sales = fo + 1 Temperature + & A portion of the regression results is shown: Standard Coefficients Error t Stat P-value Intercept 331.32 29.23 11.33 9.348E-05 Temperature -3.32 0.65 -5.08 3.846E-03 a) What is the sample regression equation for these data? b) Interpret the slope coefficient on temperature ("Interpret" means "What information does the numerical value of the slope give us, in the context of sweater sales?") c) Predict sales if the forecast high temperature is 450 F

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