Least squares regression line
Please help with the following sales and advertising question.
1. Regression analysis was applied between sales in ($1000) and advertising(in $100), and the following regression function was obtained: Y = 61 +4.1X Based on this regression line, if advertising is $10,000, the point estimate for sales (in dollars) is what?
2. How do we use a least squares regression line? Please explain in your own words.
3. What is the range for the coefficient of determination? Please explain in your own words.
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Solution Preview
Please see the answers.
1. Regression analysis was applied between sales in ($1000) and advertising(in $100), and the following regression function was obtained: Y = 61 +4.1X Based on this regression line, if advertising is $10,000, the point estimate for sales (in dollars) is what
When advertising =$10000
The sales can be estimated ...
Solution Summary
This solution provides a step by step method for computing least squares regression line. The posting helps with point estimates, a least squares regression line and the range of the coefficient of determination.