Homework: HW#07-Chapter04-Forecasting-Part#03 Score: 0 of 3 pts Problem 4.46 Sav

Question

Homework: HW#07-Chapter04-Forecasting-Part#03 Score: 0 of 3 pts Problem 4.46 Save 7 of 10 (9 complete) HW Score: 85%, 17 of 20 pts Question Help The following data relate the sales figures of the bar in Mark Kaltenbach's small bed-and-breakfast inn in Portland, to the number of guests registered that week: Week Guests Bar Sales $320 $265 $390 $300 12 18 a) The simple linear regression equation that relates bar sales to number of guests (not to time) is (round your responses to one decimal place) Bar Sales-xguests

Explanation / Answer

Let the linear regression equation :

Y = a + b.X

Where ,

Y ( dependent variable ) = Forecasted bar sales

X ( Independent variable ) = Number of guests

A, b = Values of constants

We place all the values of guests and corresponding sales in 2 adjacent columns in excel and apply the formula LINEST ( ) .

Accordingly , we obtain following values of A and B ::

A = 22.5

B = 19.75

Therefore ,

Y = 22.5 + 19.75.X

Or,

Bar sales = 22.5 + 19.75 x guests

BAR SALES = 22.5 + 19.75 X Guests

BAR SALES = 22.5 + 19.75 X Guests

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.