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Regression and Correlation

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A business owner considers the relationship between square footage and monthly sales.

Square footage, Sales (1,000s)
380 32
400 37
250 33
320 31
330 29
360 37

a. Determine the correlation coefficient.
b. Is there a strong relationship? If so determine the line of best fit.
c. Estimate what the sales should be for a 3000 square foot shop.

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Solution Summary

A step by step solution to the problem is provided. The regression and correlation business relationships is examined.

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A business owner considers the relationship between square footage and monthly sales.
Square footage, Sales ...

Solution provided by:
Sandhya Sharma, MSc
Education
  • BSc, Meerut University
  • MSc, Meerut University
  • MPhil, Institute of Advanced Studies
  • MSc, AIT
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