Companies in the shipping industry vary greatly in terms of the sides of the fleet and annual revenue. The following table shows the data for eight smaller companies in the industry: Company Ships (100s) Revenue ($millions) A 13.5 152 B 10.0 135 C 8.0 100 D 5.6 65 E 4.5 40 F 3.3 32 G 6.2 80 H 9.2 120 Please answer the following questions: a. Use the least squares method to develop the estimated regression equation. Please do show your computation steps. b. Panda Inc. has 500 ships in service. Use the estimated regression equation developed in part (a) to predict annual revenue for Panda Inc. c. At α = 0.05, please use t-test to test for the significance of the slope. Please do your computation steps. d. Compute the coefficient of correlation. Please show your computation step
Companies in the shipping industry vary greatly in terms of the sides of the fleet and annual revenue. The following table shows the data for eight smaller companies in the industry:
Company Ships (100s) Revenue ($millions)
A 13.5 152
B 10.0 135
C 8.0 100
D 5.6 65
E 4.5 40
F 3.3 32
G 6.2 80
H 9.2 120
Please answer the following questions:
a. Use the least squares method to develop the estimated regression equation. Please do show your computation steps.
b. Panda Inc. has 500 ships in service. Use the estimated regression equation developed in part (a) to predict annual revenue for Panda Inc.
c. At α = 0.05, please use t-test to test for the significance of the slope. Please do your computation steps.
d. Compute the coefficient of
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