Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

Does the data seem the strength of the relationship among variables is sufficient to warrant using linear regression forecasting?

Carpet City needs to develop a means to forecast its carpet sales. The store manager considers that the stores are directly related to the number of new housing starts in town. The manager has met data from county records on monthly house construction permits as well as from store records on monthly sales. These data are as follows-

Monthly Carpet Sales(1,000 yd.)

Monthly Construction Permits

5

21

10

35

4

10

3

12

8

16

2

9

12

41

11

15

9

18

14

26

1) Develop a linear regression model for these data as well as forecast carpet sales if 30 construction permits for new homes are filed.

2) Determine the strength of the fundamental relationship between monthly sales and new home construction by using correlation.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923423

Have any Question? 


Related Questions in Statistics and Probability

Risk taking is an important part of investing in order to

Risk taking is an important part of investing. In order to make suitable investment decisions on behalf of their customers, portfolio managers give a questionnaire to new customers to measure their desire to take financi ...

Suppose you have a stock portfolio where 28 of the stocks

Suppose you have a stock portfolio where 28% of the stocks earned a return of 12.2%, 12% earned a return of 15.1%, 24% of the stocks earned a return of 0%, 18% of the stocks earned a return of -1.5%, and 18% of the firms ...

A history class is comprised of 8 female and 6 male

A history class is comprised of 8 female and 6 male students. If the instructor of the class randomly chooses 5 students from the class for an oral exam, what is the probability that 2 female students and 3 male students ...

Explain how you would conduct the study in given question

Explain how you would conduct the study in given question as a within-subjects design. Question:- Imagine that you were conducting an experiment to examine the effect of generous role models on children's willingness to ...

For each experiment described below identify any confounds

For each experiment described below, identify any confounds that may be present. (Be careful not to identify things as confounds that are not.) Then, redesign each study to eliminate any confounds that you find. Write a ...

Researchers investigated the issue of race and equality of

Researchers investigated the issue of race and equality of access to clinical trials. The table below shows the population distribution and the numbers of participants in clinical trials involving lung cancer. Race / eth ...

Ron and veronica need to choose a name for their newborn

Ron and Veronica need to choose a name for their newborn daughter. After giving the matter much thought, they have narrowed the list of possible names to four: Abigail, Iris, Irene, and Olga. They now must choose one nam ...

The following tables depict the preferences of three

The following tables depict the preferences of three universities regarding a set of applicants, and the preferences of the applicants regarding the universities. Every university also has a specified quota for the numbe ...

A ski gondola carries skiers to the top of a mountain it

A ski gondola carries skiers to the top of a mountain. It bears a plaque stating that the maximum capacity is 14 people or 2324 lb. That capacity will be exceeded if 14 people have weights with a mean greater than 2324 l ...

Each of the following sentences violates a basic rule of

Each of the following sentences violates a basic rule of report writing. Indicate the relevant difficulty in each case. a. "The scale was coded to assess optimism, or lack thereof, in the participants." b. "Seven of the ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen