A company in the fruit industry bases its annual sales projections on total industry results. Below are company's total demand and sales data for the last 11 years.
A company in the fruit industry bases its annual sales projections on total industry results. Below are company's total demand and sales data for the last 11 years.
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
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Author:Bruce Crauder, Benny Evans, Alan Noell
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Chapter3: Straight Lines And Linear Functions
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COURSE: STATISTICS AND PROBABILITY - REGRESSION LINEAL ANALYSIS
A company in the fruit industry bases its annual sales projections on total industry results. Below are company's total demand and sales data for the last 11 years.
| Total demand (thousands of tons) | Total Sales ($ Millions) |
| 304 | 14 |
| 334 | 9 |
| 608 | 18 |
| 502 | 11 |
| 319 | 8 |
| 593 | 15 |
| 426 | 12 |
| 213 | 6 |
| 426 | 11 |
| 441 | 15 |
| 578 | 21 |
Request:
a) Construct a
b) Using least squares method (LSM), find the regresion line that best fits company's sales as a
c) If total industrial demand is 400,000 tons, using linear regression model obtained in b), indicate sales volume.
d) Based on what is observed from the model, is it a good model? Provide technical arguments in this regard.
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