A Local Tire Dealer Wants to Predict the Number of Tires

question 10

Essay

A local tire dealer wants to predict the number of tires sold each month.The dealer believes that the number of tires sold is a linear function of the amount of money invested in advertising.The dealer randomly selects 6 months of data consisting of tire sales (in thousands of tires)and advertising expenditures (in thousands of dollars).Based on the data set with 6 observations,the simple linear regression equation of the least squares line is $\hat { y }$ = 3 + 1x. $\sum X$ = 24 $\sum X ^ { 2 }$ = 124 $\sum Y$ = 42 $\sum Y ^ { 2 }$ = 338 $\sum X Y$ = 196
MSE = 4
-Use the least squares regression equation and estimate the monthly tire sales when advertising expenditures is $4000

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Definitions:

Corporate Values

The core principles and beliefs that guide a company's actions, decisions, and interactions with stakeholders.

Stakeholders

Individuals or groups that have an interest in the decisions and activities of a business or organization.

Conflict Management

The process of handling, managing, and resolving disputes and disagreements in a constructive manner.

Organizational Values

Core principles and beliefs that guide and shape the behaviors, decisions, and operations of an organization.