The management of a chain of fast food restaurants wants to investigate the relationship between the daily sales volume (in dollars) of a company restaurant and the number of competitor restaurants within a 1 mile radius. The following data have been collected:

Number of competitors within 1 mile Sales

1 3600

1 3300

2 3100

3 2900

3 2700

4 2500

5 2300

5 2000

a) Develop the least-square estimated regression equation that relates daily sales volume to the number of competitor's restaurants within a 1 mile radius.

b) Use the estimated regression equation developed in part (a) to forecast the daily sales volume for a particular company restaurant that has four competitors within a 1 mile radius.