A large retailer manages inventory by using the regression equation Y’ = 0.65 X + 240...

A large retailer manages inventory by using the regression equation Y’ = 0.65 X + 240 to predict the amount people will spend on clothing based on the amount they spend on entertainment.

If a person spends nothing on entertainment, how much would their predicted clothing expenditure be?

If a person spends $800 on entertainment, how much would their predicted clothing expenditure be?

Expert Solution

Given that nothing is spent on entertainment, the predicted clothing expenditure is computed here as:
Y = 0.65*0 + 240 = 240

Therefore 240 is the predicted expenditure required here.

Given that 800 is spent on entertainment, predicted clothing expenditure here is computed as:
Y = 0.65*800 + 240 = 760

Therefore 760 is the predicted expenditure required here.

orchestra answered 2 years ago

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