The following data relate the sales figures of the bar in Mark Kaltenbach's small bed-and-breakfast inn in portland, to the number of guest registered that week: week guests bar sales 1 16 $330 2 12 $270 3 18 $380 4 14 $315 a) The simple linear regression equation that relates bar sales to number of guests(not to time) is (round your responses to one decimal place): Bar sales = [___]+[___]X guests
The following data relate the sales figures of the bar in Mark Kaltenbach's small bed-and-breakfast inn in portland, to the number of guest registered that week:
week guests bar sales
1 16 $330
2 12 $270
3 18 $380
4 14 $315
a) The simple linear regression equation that relates bar sales to number of guests(not to time) is (round your responses to one decimal place):
Bar sales = [___]+[___]X guests
We can solve the above problem by using the excel, in a simplistic way. Running command of regression on the given data sets in the excel we can get the below table. Where variable bar sales are used as the dependent variable and guest is used as the independent variable.
We found that intercept of the model is 65 and the slope of the regression line is 17.25.
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