Question

Mark​ Gershon, owner of a musical instrument​ distributorship, thinks that demand for guitars may be related...

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. Gershon has collected the data shown in the following​ table:

                                                                                                          

Maroon 5 TV Appearances

33

55

66

77

77

66

Demand for Guitars

33

55

88

44

1010

77

This exercise contains only parts​ b, c, and d.

​b) Using the​ least-squares regression​ method, the equation for forecasting is ​(round your responses to four decimal

​places)​:

Y​ =  .... ​+ .... x

- THIS QUESTION HAS EXTRA STEPS SO PLEASE BE PREPARED TO ANSWER THE OTHER PARTS AS WELL....

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Use the least-squares regression method to derive a forecasting equation
Maroon 5 TV Appearances (x) Demand for Guitars (y) X^2 XY
33 33 1089 1089
55 55 3025 3025
66 88 4356 5808
77 44 5929 3388
77 1010 5929 77770
66 77 4356 5082
374 1307 24684 96162
Σx = 374 Σy = 1307 Σx^2 = 24684 Σxy = 96162
N (number of data values) = 6
y = b + mX
Let us find the best m (slope) and b (y-intercept) that suits that data
Slope m = N Σ(xy) − Σx Σy /N Σ(x^2) − (Σx)^2
Slope m = (6 x 96162) −374 x 1307 /6 x 2468 − (374)^2 10.7139
Intercept b
b = Σy − m Σx/N
b = (1307 − 10.71 x  374)/6 -450.0000
Y = -450 + 10.71 X
Add a comment
Know the answer?
Add Answer to:
Mark​ Gershon, owner of a musical instrument​ distributorship, thinks that demand for guitars may be related...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Mark​ Gershon, owner of a musical instrument​ distributorship, thinks that demand for guitars may be related...

    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. Gershon has collected the data shown in the following​ table:                                                                                                            Maroon 5 TV Appearances 33 33 66 66 88 55 Demand for Guitars 22 66 66 66 99 77 This exercise contains only parts​ b, c, and d. ​b) Using the​ least-squares regression​ method, the equation for...

  • Mark​ Gershon, owner of a musical instrument​ distributorship, thinks that demand for guitars may be related...

    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. Gershon has collected the data shown in the following​ table:                                                                                                            Maroon 5 TV Appearances 33 55 77 55 77 55 Demand for Guitars 44 66 88 66 1111 66 This exercise contains only parts​ b, c, and d. ​b) Using the​ least-squares regression​ method, the equation for...

  • Mark​ Gershon, owner of a musical instrument​ distributorship, thinks that demand for guitars may be related...

    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. Gershon has collected the data shown in the following​ table:                                                                                                          Maroon 5 TV Appearances 3 5 8 5 9 7 Demand for Guitars 4 6 6 4 9 6 This exercise contains only parts​ b, c, and d. ​b) Using the​ least-squares regression​ method, the equation for forecasting...

  • Mark Gershon, owner of a musical instrument​ distributorship, thinks that demand for guitars may be related...

    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. Gershon has collected the data shown in the following​ table:    Maroon 5 TV Appearances   3   5   7   6   7   6 Demand for Guitars   3   6   7   6   9   6 b) using the least squares regression method, the equation for forecasting is y=_____+___x c) The estimate for guotar...

  • Mark Gershon, owner of a musical instrument distributorship, thinks that demand for guitars may be related...

    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. Gershon has collected the data shown in the following table: Maroon 5 TV Appearances Demand for Guitars 4 4 6 5 8 5 4 5 8 6 98 This exercise contains only parts b, c, and d. b) Using the least-squares regression method, the equation for forecasting is...

  • ..4.43 Mark Gershon, owner of a musical instrument dis- tributorship, thinks that demand for guitars may...

    ..4.43 Mark Gershon, owner of a musical instrument dis- tributorship, thinks that demand for guitars may be related to the umber 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 4 6 a) Graph these data to see whether a linear equation might describe the relationship between the group's television shows b) Use...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT