In: Statistics and Probability
A farmer's marketing cooperative recorded the volume of wheat harvested by its members from 1991-2004. The cooperative is interested in detecting the long-term trend of the amount of wheat harvested. The data collected is shown in the table.
Wheat Harvested by Coop. Member
Year Time (y, in thousands of bushels)
1991 1 75
1992 2 78
1993 3 82
1994 4 82
1995 5 84
1996 6 85
1997 7 87
1998 8 91
1999 9 92
2000 10 92
2001 11 93
2002 12 96
2003 13 101
2004 14 102
Find the least squares prediction equation for the model. Use excel to conduct data analysis. Provide detailed interpretation of the results.
The output and interpretation of regression using excel is as shown below.
any query please comment below.