For a particular company, the cost of a flat screen TV is dependent on its size. Six TVs are randomly selected and the size (x) and the cost (y) are recorded below.

X (size in inches): 40, 34, 58, 24, 62, 60

Y (cost): $650.50 $459.80 $703.90 $310.15 $855.90 $789.45

My simple linear regression equation is Y = 12.4614x + 50.9060

Calculate the linear correlation coefficient (r) of this simple linear regression and interpret its meaning. (Is this linear regression equation good at predicting a TVs cost based on size?)