Please show complete solution. Thank you! Problems4-9 John Smith has developed the following forecastingmodel:Ŷ = 36 + 4.3X₁●whereŶ = Demand for K10 air conditionersX₁ = the outside temperature (°F)(a) Forecast the demand for K10 when the tempera-ture is 70°F.(b) What is the demand for a temperature of 80°F?(c) What is the demand for a temperature of 90°F?

Regression analysis is used to measure the cause and effect relation between two variables. A linear…

Answered: (a) Forecast the demand for K10 when…

(a) Forecast the demand for K10 when the tempera- ture is 70°F. (b) What is the demand for a temperature of 80°F? (c) What is the demand for a temperature of 90°F?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please show complete solution. Thank you!

Problems
4-9 John Smith has developed the following forecasting
model:
Ŷ = 36 + 4.3X₁
●
where
Ŷ = Demand for K10 air conditioners
X₁ = the outside temperature (°F)
(a) Forecast the demand for K10 when the tempera-
ture is 70°F.
(b) What is the demand for a temperature of 80°F?
(c) What is the demand for a temperature of 90°F?

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