(i)Find the least squares regression line to predict the electricity consumption from the maximumtemperature.(ii)Predict the electricity consumption of the office when the maximum temperature is 30°C. Howconfident are you in this prediction? Question 4 - Type Your Answers in Space Provided(a)An accountant wishes to undertake a cost analysis of electricity consumption of office heatingfor various maximum daily temperatures. He recorded the data over a period of 8 random days,as shown below:234568Temp(°C)Max Electricity Consumption26312526142016343520372442414017You may use the following Excel print-outs or summary statistics provided to answer the questions.SUMMARY OUTPUTSUMMARY STATISTICSRegression StatisticsMultiple RR SquareAdjusted R SquareStandard Errorn =8.0.895240.801320.768s2x =48.294.862s?y =101.71%3!Observations8Sxy =-62.7143CoefficientStandardErrort StatP-value6.575Intercepttemp(°C)63.1729.6070.000-1.2990.264-4.9110.003Find the least squares regression line to predict the electricity consumption from the maximumtemperature.

Regression is a measurable technique utilized in money, contributing, and different disciplines that…

Answered: temperature. (ii) Predict the…

temperature. (ii) Predict the electricity consumption of the office when the maximum temperature is 30°C. How confident are you in this prediction?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(i)
Find the least squares regression line to predict the electricity consumption from the maximum
temperature.
(ii)
Predict the electricity consumption of the office when the maximum temperature is 30°C. How
confident are you in this prediction?

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