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In: Statistics and Probability

Listed below is a company’s sales in Year 1 through Year 12 along with the national...

Listed below is a company’s sales in Year 1 through Year 12 along with the national income of the country, where the business is set up.

Year

National Income (in millions of dollars) x

Company's sales (in thousands of dollars) y

Year 1

305

470

Year 2

316

485

Year 3

358

499

Year 4

350

515

Year 5

375

532

Year 6

392

532

Year 7

400

556

Year 8

398

576

Year 9

430

583

Year 10

456

587

Year 11

578

601

Year 12

498

605

a. Develop a scatter chart for the above data. What does this chart indicate about the relationship between the national income and the company's sales in Year 1 through Year 12?
b. Use the data to develop an estimated regression equation that could be used to estimate the company’s sales based on the national income. What is the estimated regression model?

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Expert Solution

orchestra answered 1 year ago
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