Regression analysis: linear regression interpretation
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After deciding on the appropriateness of a linear model relating coffee sales and maximum temperature, the managers calculate the equation of the least squares regression line to be Yhat = 2492.09 - 10.48X.
1) For these data, coffee sales values that are greater than the meand of the coffee sales values tend to be paired with temperatures values that are _____the mean of the temperature values.
2) According to the regression equation, for an increase of one degree in temperature, there is a corresponding decrease of how many dollars in coffee sales?
3) From the regression equation, what is the predicted coffee sales value (in dollars) when the temperature is 47.6 degrees Fahrenheit? (round your answer to at least one decimal place.)
4) From the regression equation, what is the predicted coffee sales value (in dollars) when the temperature is 56.6 degrees Fahrenheit? (Round your answer to at least one decimal place.)
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Solution Summary
This solution interprets the results of a linear regression analysis.
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