Relationship between market share and product quality rating

Reference no: EM131381463

What is r² in the regression of given problem? Interpret its meaning.

Problem
Recently, research efforts have focused on the problem of predicting a manufacturer's market share by using information on the quality of its product. Suppose that the following data are available on market share, in percentage (Y ), and product quality, on a scale of 0 to 100, determined by an objective evaluation procedure (X ):

X: 27 39 73 66 33 43 47 55 60 68 70 75 82
Y: 2 3 10 9 4 6 5 8 7 9 10 13 12

Estimate the simple linear regression relationship between market share and product quality rating.

Reference no: EM131381463

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