Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use regression analysis to fit a linear trend model to the data set. (a) What is the estimated regression function? (Use t for X, where
Use regression analysis to fit a linear trend model to the data set. (a) What is the estimated regression function? (Use t for X, where t = 1, 2, .... Round your numerical values to four decimal places.) = 322.3807 + 11.4965X (b) Interpret the R2 value for your model. (Give your answer as a percent. Round your answer to one decimal place.) Approximately 91.9 % of the total variation in sales is accounted for by the model. (c) Prepare a line graph comparing the linear trend predictions against the original data. 600r 600r O Sales (in $1,000) Sales (in $1,000) 550 500 450 400 350 300 250 0 600r 550 500 450 400 X 350 5 10 Year Sales Forecast 15 Sales 20 Sales (in $1,000) Sales (in $1,000) 550 500 450 400 350 300 250 0 600 550 500 450 400 350 5 10 Year Sales Forecast 15 Sales Forecast 20
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started