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.
a) Estimate the population regression equation and interpret the result
b) Calculate R2 ( R squared) and interpret the value.
This solution estimates a regression equation and calculates the R squared, interpreting both results and addressing their significance.