Jason believes that the sales of coffee at his coffee shop depend upon the weather. He has taken a sample of 6 days. Below you are given the results of the sample.
a.Which variable is the dependent variable?
b.Compute the least squares estimated line.
c.Compute the correlation coefficient between temperature and the sales of coffee.
d.Is there a significant relationship between the sales of coffee and temperature? Use a .05 level of significance. Be sure to state the null and alternative hypotheses.
e.
Predict sales of a 90 degree day.
Definitions:
Income Tax Rate
The percentage of taxable income that individuals or corporations are required to pay to the government.
Working Capital
The difference between a company's current assets and current liabilities, indicating the liquidity and operational efficiency.
Straight-Line Depreciation
A way of allocating the financial burden of a material asset over its effective lifespan in identical yearly portions.
Discount Rate
The interest rate used to discount future cash flows to present value to account for risk and time value of money.
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