What is the dollar amount of change in sales for each new year according to the regression (slope) model? Do not use commas or $ in your answer. **Regression Method**In this method, you will need to use your financial calculator or Excel spreadsheet. Here, assume the use of the TI BA II Plus Professional calculator. The data are the years and sales amounts.**Year | Sales**- 2006 | 2,173,321- 2007 | 2,240,537- 2008 | 2,154,363- 2009 | 2,267,750- 2010 | 2,350,000Data in a regression are entered as ordered pairs.In the regression model with one variable, the X coordinate is the independent variable and the Y variable is the dependent variable. For sales, the year is the independent variable while the sales amount is the dependent variable. Enter the data entry mode by pressing 2nd and data. Display shows X01, key in 1 for year 1, press enter key, use the down arrow to scroll to Y01, type in 2173321, press Enter, scroll down with the down arrow key to X02 is now displayed. Continue to enter the data using the same steps. To find the sales projection for the next year, press 2nd and Stat. Lin is displayed. Scroll down to find b. This is the projected amount by which sales will change in each year.

The estimated regression equation is obtained as:Y^=β0+β1XwhereY is the dependent variableX is the independent variableβ0 is the y-interceptβ1 is the slope of the regression lineThe estimated regression line is obtained as:Y^=−74181463+38057XwhereY is the sales amountsandX is the yearβ0=−74181463andβ1=38057The value of the slope is obtained as 38057. For every additional unit increase in the year, the sales amount will increase by 38057 dollars.Thus, the dollar amount of change in sales for each new year according to the regression (slope) model is obtained as 38057.Thus, the dollar amount of change in sales for each new year according to the regression (slope) model is obtained as 38057.

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What is the dollar amount of change in sales for each new year according to the regression (slope) model? Do not use commas or $ in your answer.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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