An electric utility wishes to examine the relationship between temperature and electricity use in its service region during the summer months. The bivariate data below give the maximum temperature (denoted by , in degrees Fahrenheit) and the electricity use (denoted by , in thousands of kilowatt hours) for a random sample of fifteen summer days. The data are shown in the Figure 1 scatter plot.
The least-squares regression line for these data has a slope of approximately .
Answer the following. Carry your intermediate computations to at least four decimal places, and round your answers as specified below.
What is the value of the y-intercept of the least-squares regression line for these data? Round your answer to at least two decimal places.
What is the value of the sample correlation coefficient for these data? Round your answer to at least three decimal places.
Please see the attached file for the fully formatted problems.
The solution provides step by step method for the calculation of regression model . Formula for the calculation and Interpretations of the results are also included.