Question: Question 1: Problem solving (10 Marks) The Production Cost/canister ($) and the Weekly Sales Volume (number of canisters) of a variety of olive oil were

Question 1: Problem solving (10 Marks) The

Question 1: Problem solving (10 Marks) The Production Cost/canister ($) and the Weekly Sales Volume (number of canisters) of a variety of olive oil were recorded in a sample of 6 oil trading companies (table below): Oil Trading Company Production Cost /canister ($) Weekly Sales Volume (canisters x10) 62 56 2 55 52 3 50 60 4 82 38 5 67 45 6 74 49 1. Construct a simple regression model to predict the Weekly Sales Volume by Production Cost/canister. (4 Marks) 2. Find the predicted Weekly Sales Volume on that olive oil variety in an oil trading company where the Production Cost is $ 85/canister. (1 Mark) 3. Compute r2 and r for this model, and interpret their values in this case. (3.5 Marks) 4. Calculate the prediction error for the Weekly Sales Volume value of 600 canisters based on the regression model constructed previously. (1.5 Marks)

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