Mark Gershon, owner of a musical instrument distributorship, thinks that demand

Question

Mark Gershon, owner of a musical instrument distributorship, thinks that demand for guitars may be related to the number of television appearances by the popular group Maroon 5 during the previous month. Mark has collected the data shown in the following table:

DEMAND FOR GUITARS 3 6 7 5 10 7

MAROON 5 TV APPEARANCES 3 4 7 6 8 5

a)Graph these data to see whether a linear equation might describe the relationship between the group’s television shows and guitar sales.

b)Use the least-squares regression method to derive a forecasting equation.

c)What is your estimate for guitar sales if Maroon 5 performed on TV nine times last month?

d)What are the correlation coefficient (r) and the coefficient of determination (r2) for this model, and what do they mean?

Explanation / Answer

ANSWER:    

Because of the symmetry of the t distribution, this left-hand tail probability can be calculated exactly like right-hand tail. The answer is 0.17673.

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