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Estimating population regression equation

A market analyst for the Weber Refrigerator Company has visited various appliance stores in a city to get data on the selling price of different brands of refrigerators. Use the following data to help determine whether the selling price in dollars is linearly related to the volume in cubic feet of the refrigerator.

Price Volume
(Y) (X)
320 15.8
580 21.3
669 24.4
480 18.2
525 19.5
420 17.5
400 16.3
550 21.0

a) Estimate the population regression equation and interpret the result

b) Calculate R2 ( R squared) and interpret the value.

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Solution Summary

This solution estimates a regression equation and calculates the R squared, interpreting both results and addressing their significance.