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The owner of a chain of ice cream stores has the business objective of improving the forecast of daily sales so that staffing shortages can be minimized during the summer season. The owner has decided to begin by developing a simple linear regression model to predict daily sales based on atmospheric temperature. A sample of 8 consecutive days is selected, and the results are given below.
Day Temparature Sales
1 84 2.58 2 88 2.86 3 63 1.52 4 75 1.92 5 92 3.17 6 76 1.98 7 90 3.14 8 87 2.83
1) Assuming a linear relationship, calculate the correlation coefficient.
2) Assuming a linear relationship, use the least-squares method to compute the regression coefficients b0 and b1 .
3) Predict the sales when the temperature is 63o F. (2 points) (2.4) Calculate the coefficient of determination for the least squares prediction line.
4) Interpret the value of the coefficient of determination in relation to this situation.
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