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....
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 |
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 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 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 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 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 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...