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Find an equation of the least squares regression line

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Reference no: EM132422295

Problem: A business analyst believes that December holiday sales in 2016 are a good predictor of December holiday sales in 2017. A random sample of 8 toys stores produced the following data where x is the amount of December holiday sales in 2016 and y is the amount of December sales in 2017, in dollars.

x y

10257 11689

6556 6438

7224 8662

9987 9454

11568 12004

8453 8021

4235 6048

5576 4850

Required:

Question 1: Find an equation of the least squares regression line. Round the slope and y-intercept value to two decimal places. Describe method for obtaining results.

Question 2: Based on the equation from part (a), what is the predicted 2017 December holiday sales if the 2016 December holiday sales is 6,000 dollars?

Question 3: Based on the equation from part (a), what is the predicted 2017 December holiday sales if the 2016 December holiday sales is 20,000 dollars?

Question 4: Which predicted 2017 holiday sales that you calculated for (b) and (c) do you think is closer to the true predicted 2017 holiday sales and why?  

Reference no: EM132422295

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