Sales over the past 10 years are shown below. Using the method of least squares, calculate the values of a and b to complete this regression equation. Year Sales 1 1,000 2 1,770 3 1,950 4 1,750 5 1,880 6 1,360 7 1,130 8 1,800 9 1,010 10 1,900 (Indicate a negative answer using a "-" sign. Do not round intermediate calculations and round your answer to 3 decimal places.) Sales=Answer + Answer x What is your forecast for next year's sales? (Do not round intermediate calculations and round your answer to 2 decimal places.) Sales=Answer

Sales over the past 10 years are shown below. Using the method of least squares, calculate the values of a and b to complete this regression equation. Year Sales 1 1,000 2 1,770 3 1,950 4 1,750 5 1,880 6 1,360 7 1,130 8 1,800 9 1,010 10 1,900 (Indicate a negative answer using a "-" sign. Do not round intermediate calculations and round your answer to 3 decimal places.) Sales=Answer + Answer x What is your forecast for next year's sales? (Do not round intermediate calculations and round your answer to 2 decimal places.) Sales=Answer

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter3: Polynomial Functions

Section: Chapter Questions

Problem 18T

See similar textbooks

Related questions

Q: The given paired data lists the heights (in inches) of various males who were measured on their…

A: Given that ; X Y X \cdot YX⋅Y X^2X2 Y^2Y2 52 69 3588 2704 4761 50 66 3300 2500 4356…

Q: A sales manager collected the following data on x = years of experience and y = annual sales…

A: Givenx=years of experiencey=annual sales($1,000s) salesperson x y 1 1 80 2 3 97 3 4 97 4…

Q: Open the Excel spreadsheet "HomeSalesData.xls". This dataset shows actual home sales data from New…

A: Given information: Price Home_Size Lot_Size Number_Rooms Number_Baths $72,000 600 0.5 3 1…

Q: The data show the number of viewers for television stars with certain salaries. Find the regression…

A: It is given that the regression equation is, y-cap = 6.004+-0.024x

Q: RaceJA started manufacturing race cars four years ago. The company wants to know the relationship…

Q: A FIFA World Cup football is dropped from 35 different heights (in cm) and the height of the bounce…

A: Given that The Football is dropped from 35 different heights and height of the bounce is recorded.…

Q: Use the two regression lines to estimate when sales in grocery stores are likely to equal sales in…

Q: Spring is a peak time for selling houses. The file SpringHouses contains the selling price, number…

A: The objective is to check whether the estimated regression equation provides a good fit to the…

Q: A magazine publishes restaurant ratings for various locations around the world. The magazine rates…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub- parts for…

Q: The follow table gives the approximate economic value associated with various levels of oil recovery…

A: 20. Step-by-step procedure to obtain Regression line using Excel: In Excel sheet, enter and select…

Q: Explain in brief the Utility of regression lines?

Q: You are studying how a penguin's flipper length (in mm) explains its body mass (in grams) using…

A: 76.21% of the variability in body mass is explained by the flipper length, This means that when…

Q: Lillian conducted a small survey of her friends and family. She asked them how many hours per week…

A: With respect to given scatter plot of variables the number of hours per week they spend reading…

Q: A real estate company wants to study the relationship between house sales prices and some important…

A: Here the dependent variable is sales price (y).There are three independent variables.Total floor…

Q: Define the different ways to use linear regression?

A: Type of regressions is given below: Simple linear regression model Multiple linear regression…

Q: The data below are the temperatures on randomly chosen days during the summer and the number of…

A: The data inserted in Excel is defined as: In this case, 'Temperature' is the independent…

Q: Write a short note on regression analysis

A: The regression analysis is the study of the nature the relationship of between the variables. There…

Q: run a simple regression- dependent variable is Weeks, independent variable is Age. B. run a…

A: A: dependent variable is Weeks Independent variable is Age. Excel Procedure: Enter weeks and Age…

Q: (a) Holding the other variables fixed, what is the average change in sales price for each…

A: Here the dependent variable is sales price (y).There are three independent variables.Total floor…

Q: statement

A: Given, Independent variable (x) = the square footage of a home. Dependent variable (y) = home price…

Q: The accompanying dataset shows the monthly number of new car sales in the last three years. Develop…

A: The given dataset shows the monthly number of new car sales in the last three years.

Q: Use the given data to find the scatter plot, equation of the regression line, and prediction. 4)…

A: There exists a strong correlation as r=0.683. If; then it indicates a positive correlation with…

Q: The table below shows the average weekly wages (in dollars) for state government employees and…

A: Given that, Mean of x, X bar= 814 We know that, Confidence interval for mean is given by, (X bar+ -…

Question

Please no written by hand and no emage

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Determine the given variables

VIEW

Step 2: Find the regression equation

VIEW

Step 3: Forecast value for next year

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 7 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Life Expectancy The following table shows the average life expectancy, in years, of a child born in the given year42 Life expectancy 2005 77.6 2007 78.1 2009 78.5 2011 78.7 2013 78.8 a. Find the equation of the regression line, and explain the meaning of its slope. b. Plot the data points and the regression line. c. Explain in practical terms the meaning of the slope of the regression line. d. Based on the trend of the regression line, what do you predict as the life expectancy of a child born in 2019? e. Based on the trend of the regression line, what do you predict as the life expectancy of a child born in 1580?2300
What is regression analysis? Describe the process of performing regression analysis on a graphing utility.
What is the linear regression of the data? y = x- 1,3,5,7,9, y- 3,7,13,17,23 (Use integers or decimals for any numbers in the expression. Round to the nearest tenth as needed)
The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c. E Click the icon to view the monthly data. a. Develop a simple linear regression model between billable hours and overhead costs. Overhead Costs = 5304.4 + (0.0219) × Billable Hours +1 (Round the constant to one decimal place as needed. Round the coefficient to four decimal places as needed. Do not include the $ symbol in your answers.) Monthly overhead costs and billable hours data Overhead Costs Billable Hours O IT $385,000 3,000 $430,000 4,000 $460,000 5,000 $511,000 6,000 $580,000 7,000 $600,000 8,000 Print Done
Use Excel to develop a regression model for the Consumer Food Database (using the “Excel Databases.xls” file on Blackboard) to predict Annual Food Spending by Annual Household Income for those living in the Metro area only. Suppose a household in the metro area has an annual income of $60,000. Predict how much they spend on food per year. Write your answer as a number (do not include the $ sign or comma) and round to 2 decimal places Annual Food Spending ($) Annual Household Income ($) Non mortgage household debt ($) Region: 1 = NE 2 = MW 3 = S 4 = W Location: 1 = Metro 2 = Outside Metro 8909 56697 23180 1 1 5684 35945 7052 1 1 10706 52687 16149 1 1 14112 74041 21839 1 1 13855 63182 18866 1 1 15619 79064 21899 1 1 2694 25981 8774 1 1 9127 57424 15766 1 1 13514 72045 27685 1 1 6314 38046 8545 1 1 7622 52408 28057 1 1 4322 41405 6998 1 1 3805 29684 4806 1 1 6674 49246 13592 1 1 7347 41491 4088 1 1 2911 26703 15876 1…
The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c Click the icon to view the monthly data. a. Develop a simple linear regression model between billable hours and overhead costs. Overhead Costs = 247733.3 +(43.2000) x Billable Hours (Round the constant to one decimal place as needed. Round the coefficient to four decimal places as needed. Do not include the $ symbol in your answers.) b. Interpret the coefficients of your regression model. Specifically, what does the fixed component of the model mean to the consulting firm? Interpret the fixed term, bo. if appropriate. Choose the correct answer below. OA. The value of by is the predicted overhead costs for 0 billable hours. OB. For each increase of 1 unit in overhead costs, the predicted billable hours are estimated to increase by bo OC. It is not appropriate to interpret by. because its value is the predicted…
The data show the number of viewers for television stars with certain salaries. Find the regression equation, letting salary be the independent (x) variable. Find the best predicted number of viewers for a television star with a salary of $6 million. Is the result close to the actual number of viewers, 2.9 million? Use a significance level of 0.05
The money raised and spent (both in millions of dollars) by all congressional campaigns for 8 recent 2-year periods are shown in the table. The equation of the regression line is y = 0.911x +48.495. Find the coefficient of determination and interpret the result. Money raised, x 463.9 657.2 730.4 790.5 777.9 1038.8 969.8 1222.5 Money spent, y 445.3 686.8 730.2 759,3 740.3 1007.6 926.5 1151.8 Find the coefficient of determination and interpret the result. (Round to three decimal places as needed.) How can the coefficient of determination be interpreted? O A. The coefficient of determination is the fraction of the variation in money spent that can be explained by the variation in money raised. The remaining fraction of the variation is unexplained and is due to other factors or to sampling error. O B. The coefficient of determination is the fraction of the variation in money spent that is unexplained and is due to other factors or sampling error. The remaining fraction of the variation is…
The annual profits for a company are given in the following table, where x represents the number of years since 2004, and y represents the profit in thousands of dollars. Write the linear regression equation that represents this set of data, rounding all coefficients to the nearest tenth. Using this equation, find the projected profit (in thousands of dollars) for 2012, rounded to the nearest thousand dollars. Years since 2004 (x) Profits (y)(in thousands of dollars) 0 110 1 137 2 135 3 141 4 160 5 172
The file Galton on D2L contains the 928 observations Francis Galton used in 1885 to estimate the relationship between the heights of parents and the heights of their children. The column Children refers to the height (in inches) of a child, and the column Mid-Parents refers to the average height (in inches) of the mother and father of that child. You can download this file into Excel and Minitab. a. Calculate the regression Height of Children = a +b (Height of Mid-Parents). b. Calculate the average for Height of Children, and calculate the average Height of Mid-Parents. c. Create a new variable in Minitab which is the Height of Children measured in terms of deviations from its mean. Call this new variable y. Also, create a new variable in Minitab with is the Height of Mid-Parents measured in terms of deviations from its mean. Call this new variable x. Calculate the regression y = a + bx. You can create the new y and x variables in Excel of Minitab, whichever you find more convenient.…
The personnel director of a large hospital is interested in determining the relationship (if any) between an employee's age and the number of sick days the employee takes per year. The director randomly selects ten employees and records their age and the number of sick days which they took in the previous year. Employee 1 2 30 50 Age Sick Days 7 4 Copy Data The estimated regression equation and the standard error are given. Answer Sick Days intiem 3 4 5 40 55 30 9 3 2 7 8 9 10 25 30 45 8 6 28 60 10 0 14.310162 - 0.236900(Age) s 2 S. = 1.682207 Find the 99 % prediction interval for the average number of sick days an employee will take per year, given the employee is 28. Round your answer to two decimal places. 2 Tables Keypad Keyboard Shortcuts
The table lists the average tuition and fees at private colleges and universities for selected years. Year 1985 1990 1995 2000 2008 5311 25,115 Tuition and Fees (in dollars) 9375 SO 12,418 (a) Find the equation of the least-squares regression line that models the data. y 840.450 (Type the slope as a decimal rounded to three decimal places. Round the y-intercept to the nearest integer.) (b) Graph the data and the regression line in the same viewing window using the parameters given below the graph choices. Choose the correct graph below. OA. O B. o HE RO OC. 16,230 A o ƠN