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Derive a forecasting equation

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Reference no: EM131357890

Problem -

Mark Gershon, owner of a musical instrument distributorship, thinks that demand for guitars may be related to the number of television appearances by the popular group Maroon 5 during the previous month. Mark has collected the data shown in the following table:

Demand for Guitars

3

6

7

5

10

7

Maroon 5 TV Appearances

3

4

7

6

8

5

a) Graph these data to see whether a linear equation might describe the relationship between the group's television shows and guitar sales.

b) Use the least-squares regression method to derive a forecasting equation.

c) What is your estimate for guitar sales if Maroon 5 performed on TV nine times last month?

d) What are the correlation coefficient (r) and the coefficient of determination (r2) for this model, and what do they mean?

Reference no: EM131357890

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