It appears that over the past 45 years, the number of farms in Oman declined while the average size of farms increased. The following data show five-year interval data for Oman farms. Year Number of farms (millions)Size of farms (acres)19705.6521319754.6525819803.9629719853.3634019902.9537419952.5242020002.4442620052.2944120102.1546020152.0746920202.17434 Use these data to develop the equation of a regression line to predict the average size of a farm by the number of farms. SHOW ALL THE COMPUTATION DETAILS Discuss the slope and y-intercept of the model.Construct a regression line graph and explain how could this regression equation be utilized for better decision making.Provide a reasonable estimation of the average size of farms in 2025 if the number of firms is 1.5 million and propose two measures of forecast accuracy.

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Description: It appears that over the past 45 years, the number of farms in Oman declined while the average size of farms increased. The following data show five-year interval data for Oman farms. Year Number of farms (millions)Size of farms (acres)19705.65213197

Regression analysis : Linear Regression analysis is used to measure the association or linear…

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It appears that over the past 45 years, the number of farms in Oman declined while the average size of farms increased. The following data show five-year interval data for Oman farms.

Year	Number of farms (millions)	Size of farms (acres)
1970	5.65	213
1975	4.65	258
1980	3.96	297
1985	3.36	340
1990	2.95	374
1995	2.52	420
2000	2.44	426
2005	2.29	441
2010	2.15	460
2015	2.07	469
2020	2.17	434

Use these data to develop the equation of a regression line to predict the average size of a farm by the number of farms.

SHOW ALL THE COMPUTATION DETAILS

Discuss the slope and y-intercept of the model.
Construct a regression line graph and explain how could this regression equation be utilized for better decision making.
Provide a reasonable estimation of the average size of farms in 2025 if the number of firms is 1.5 million and propose two measures of forecast accuracy.

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