Chart and Regression analysis : What does the intercept predict? X: C16 (number of cars on the sales lot) versus Y: C17 (cars sold per day) Equation: y=2.9x + 14.5 Slope:2.9 Intercept:14.5 Does the intercept mean the intercept is 14.5 means that the cars sold per day( Y) predicted number of cars on sale lot(X) to be 14.5, but this intercept has no meaning. So, I will not use to predict cars sold per day?
Chart and Regression analysis : What does the intercept predict? X: C16 (number of cars on the sales lot) versus Y: C17 (cars sold per day) Equation: y=2.9x + 14.5 Slope:2.9 Intercept:14.5 Does the intercept mean the intercept is 14.5 means that the cars sold per day( Y) predicted number of cars on sale lot(X) to be 14.5, but this intercept has no meaning. So, I will not use to predict cars sold per day?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Chart and Regression analysis :
What does the intercept predict?
X: C16 (number of cars on the sales lot) versus Y: C17 (cars sold per day)
Equation: y=2.9x + 14.5
Slope:2.9
Intercept:14.5
Does the intercept mean the intercept is 14.5 means that the cars sold per day( Y) predicted number of cars on sale lot(X) to be 14.5, but this intercept has no meaning. So, I will not use to predict cars sold per day?
Expert Solution
Step 1
Given Information:
X = Number of cars on the sales lot
Y = Cars sold per day
Equation: y = 2.9x + 14.5
Slope value = 2.9
Intercept value = 14.5
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