Question: An economic research centre has published data on GDP and Demand for refrigerators as given below: Year 2011 2012 2013 2014 2015 2016 2017 GDP

An economic research centre has published data on GDP and Demand for refrigerators as

given below:

Year 2011 2012 2013 2014 2015 2016 2017

GDP (billion) 20 22 25 27 30 33 35

Refrigerator 50 60 80 80 90 100 120

(a) Estimate regression equation R= a+by, where R= No of refrigerator sold and Y= GDP.

Forecast demand for refrigerator in the year 2018 and 2019. The research centre has projected

GDP for 2018 and 2019 at Rs. 38 billion and Rs. 40 billion respectively.

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