For all exercises indicate the specific values from the model that you are using to draw your conclusions. No credit will be given for just yes or no answers.
1. Develop the regression model to forecast retail sales from non-retail sales.
a) Show the scatter diagram graph of the data and on the graph show the regression line, the formula, and the value of R-square.
b) Is the model statistically significant at the .05 level?
c) Comment on the strength of the relationship using the coefficient of determination.
d) What is the value of the correlation coefficient?
2. Would it be appropriate to predict retail sales for a non-retail sales value of $3,500 million? Justify your concluding and if it is appropriate, predict the retail sales value.
3. Would it be appropriate to predict retail sales for a non-retail sales value of $3,000 million? Justify your concluding and if it is appropriate, predict the retail sales value.© BrainMass Inc. brainmass.com June 17, 2018, 10:01 pm ad1c9bdddf
This solution develops a regression model to forecast retail sales and judges whether or not two given circumstances are appropriate for predicting retail sales.