a. Plot the data and a regression line on the same graph. b. Determine the correlation coefficient and interpret it.
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Please see the screen shot and help me solve the problem. Please give me the steps that you used to find the solution so that I can learn to solve:
For the given dataset, I would plot the data, add the trend or regression line, I would also determine the correlation coefficient, The detailed calculations are presented below,
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- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?Do the sales prices of houses in a given community vary systematically with their sizes (as measured in square feet)? Answer this question by estimating a simple regression equation where the sales price of the house is the dependent variable, and the size of the house is the explanatory variable. Use the sample data given in P13_06.xlsx. Interpret your estimated equation, the associated R-square value, and the associated standard error of estimate.Under what conditions might a firm use multiple forecasting methods?
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