Fast Jeans company needs to estimate its sales for next year. The most recent six years...
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Fast Jeans company needs to estimate its sales for next year. The most recent six years of revenue data for the company's most popular line of jeans are given below: Year Sales revenue (Millions of dollars) 123456 46.7 59.3 74.2 77.9 85.1 98.0 (6 marks) (2 marks) (2 marks) (Total: 10 marks) a) Use simple linear regression to forecast the sales revenue for year 7. b) Determine the correlation coefficient for the data and interpret its meaning. c) Determine the coefficient of determination for the data and interpret its meaning. Fast Jeans company needs to estimate its sales for next year. The most recent six years of revenue data for the company's most popular line of jeans are given below: Year Sales revenue (Millions of dollars) 123456 46.7 59.3 74.2 77.9 85.1 98.0 (6 marks) (2 marks) (2 marks) (Total: 10 marks) a) Use simple linear regression to forecast the sales revenue for year 7. b) Determine the correlation coefficient for the data and interpret its meaning. c) Determine the coefficient of determination for the data and interpret its meaning.
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