In: Statistics and Probability
The owner of Gino’s Pizza restaurant chain believes that if a restaurant is located near a college campus, then there is a linear relationship between sales and the size of the student population. Suppose data are collected from a sample of n = 10 Gino’s Pizza restaurants located near college campuses with the following reported sample statistics:
X= Population (1000s) |
Y = Sales ($1000s) |
|
Sample Mean |
14 |
130 |
Sample Standard Deviation |
7.944 |
41.806 |
Sample Variance |
63.111 |
1747.778 |
Sample Covariance |
315.556 |
We want to find the equation of the least-squares regression line predicting quarterly pizza sales (y) from student population (x).