In Problem 12-37, ITown believes its printer sales are also related to the average price of its printers. It has collected historical data on average printer prices for the past 10 years as follows:
Year Average Printer Prices ($)
1 ........475
2 .......490
3 .......520
4 .......420
5 .......410
6 .......370
7 .......350
8 .......300
9 .......280
10 .......250
a. Using Excel, develop the multiple regression equation for these data.
b. What is the coefficient of determination for this regression equation?
c. Determine a forecast for printer sales based on personal computer sales of 1500 units and an average printer price of $300.