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Develop the least-squares estimated regression equation

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The management of a chain of fast-food restaurants wants to investigate the relationship between the daily sales volume (in dollars) of a company restaurant and the number of competitor restaurants within a 1-mile radius. The following data have been collected:

Number of Competitors

Within 1 Mile Sales ($)

1 ........................3600

1 ....................3300

2 ....................3100

3 ....................2900

3 ....................2700

4 ....................2500

5 ....................2300

5 ....................2000

a. Develop the least-squares estimated regression equation that relates daily sales volume to the number of competitor restaurants within a 1-mile radius.

b. Use the estimated regression equation developed in part (a) to forecast the daily sales volume for a particular company restaurant that has four competitors within a 1-mile radius.

Reference no: EM13576791

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