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A business analyst believes that December holiday sales in 2016 are a good predictor of December holiday sales in 2017.
A business analyst believes that December holiday sales in 2016 are a good predictor of December holiday sales in 2017. A random sample of 8 toys stores produced the following data where x is the amount of December holiday sales in 2016 and y is the amount of December sales in 2017, in dollars.
(a) Find an equation of the least squares regression line. Round the slope and y-intercept value to two decimal places. Describe method for obtaining results.
(b) Based on the equation from part (a), what is the predicted 2017 December holiday sales if the 2016 December holiday sales is 6,000 dollars?
(c) Based on the equation from part (a), what is the predicted 2017 December holiday sales if the 2016 December holiday sales is 20,000 dollars?
(d) Which predicted 2017 holiday sales that you calculated for (b) and (c) do you think is closer to the true predicted 2017 holiday sales and why?
