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    Sample Survey on Boat Costs and Buyer Income

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    5. A sample survey of boat owners in southeast Florida has yielded the following data on boat costs and buyer income. (See Excel attachment for data and solution)

    a. Compute with statistical software a linear regression of Y on X. How do you interpret the results?

    b. Interpret the coefficient of correlation squared.

    c. Suggest possible uses of this regression equation if you were a boat seller in Florida.

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    Solution Summary

    This solution contains a regression table and a graphical display to determine the linear regression of Y on X as well as the coefficient of correlation squared. It also suggests ways that the regression equation can be used in a boat selling business.