Solved

Arnold Tofu Owns and Operates a Chain of 12 Vegetable

Question 143

Essay

Arnold Tofu owns and operates a chain of 12 vegetable protein "hamburger" restaurants in northern Louisiana. Sales figures and profits for the stores are in the table below. Sales are given in millions of dollars; profits are in hundreds of thousands of dollars. Calculate a regression line for the data. What is your forecast of profit for a store with sales of $24 million?
$30 million?
 Store  Profits  Sales 114621133155416552415628187221782112926151043201134141295\begin{array} { | c | c | c | } \hline \text { Store } & \text { Profits } & \text { Sales } \\\hline 1 & 14 & 6 \\\hline 2 & 11 & 3 \\\hline 3 & 15 & 5 \\\hline 4 & 16 & 5 \\\hline 5 & 24 & 15 \\\hline 6 & 28 & 18 \\\hline 7 & 22 & 17 \\\hline 8 & 21 & 12 \\\hline 9 & 26 & 15 \\\hline 10 & 43 & 20 \\\hline 11 & 34 & 14 \\\hline 12 & 9 & 5 \\\hline\end{array}

Correct Answer:

verifed

Verified

Students must recognize that "sales" is ...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents