question A manufacturer is developing a facility plan to provide production capacity for the factory. the amount of capacity required in the future depends on the number of products demanded by its customers. The data below reflect past sales of its products. a) use simple linear regression to forecast annual demand for the products for each of the nnext 3 years. b) determine the correlation coefficient for the data and interpret its meaning. c) find the coefficient of determination for the data and interprete its meaning. year annual sales (number of products year annual sales (number of products) 1 490 5 461 2 487 6 475 3 492 7 472 4 478 8 458
question A manufacturer is developing a facility plan to provide production capacity for the factory. the amount of capacity required in the future depends on the number of products demanded by its customers. The data below reflect past sales of its products. a) use simple linear regression to forecast annual demand for the products for each of the nnext 3 years. b) determine the correlation coefficient for the data and interpret its meaning. c) find the coefficient of determination for the data and interprete its meaning. year annual sales (number of products year annual sales (number of products) 1 490 5 461 2 487 6 475 3 492 7 472 4 478 8 458
Contemporary Marketing
18th Edition
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Louis E. Boone, David L. Kurtz
Chapter14: Pricing Strategies
Section14.2: Forecasting Demand
Problem 1LO
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A manufacturer is developing a facility plan to provide production capacity for the factory. the amount of capacity required in the future depends on the number of products demanded by its customers. The data below reflect past sales of its products.
a) use simple linear regression to
b) determine the correlation coefficient for the data and interpret its meaning.
c) find the coefficient of determination for the data and interprete its meaning.
year | annual sales (number of products | year | annual sales (number of products) |
1 | 490 | 5 | 461 |
2 | 487 | 6 | 475 |
3 | 492 | 7 | 472 |
4 | 478 | 8 | 458 |
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