A researcher took a sample of 10 years and found the following relationship betw

Question

A researcher took a sample of 10 years and found the following relationship between x and y, where x is the number of major natural calamities (such as tornadoes, hurricanes, earthquakes, floods, etc.) that occurred during a year and Y represents the average annual total profits (in millions of dollars) of a sample of insurance companies in the United States. a. A randomly selected year had 24 major calamities. What are the expected average profits of U.S. insurance companies for that year? The expected average profits are $ million. exact number, no tolerance

Explanation / Answer

The fitted regression model is

y hat=350.7 - 1.8x

where x is major natural calamities

and y is annual total profits

when x=24

y hat=350.7 - 1.8x

y hat=350.7 - 1.8*24 = 307.5

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