A regression was run between the Annual Revenues (Y) of Celandine Corp. in millions of dollars...
A regression was run between the Annual Revenues (Y) of Celandine Corp. in millions of dollars and the year (X). The following equation was obtained: Y = 16 + 2.4X, where X = 1 for 1987. An R-squared of 0.87 was obtained.
a) Interpret the values of the regression parameters a and b with specific reference to this problem.
b) Is this a good regression model? Why?
c) Forecast revenues for 2001 using the above model.
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A regression was run between the Annual Revenues (Y) of
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