Assignment:
Find the standard error of estimate, then construct the 95% prediction interval for boat trailer sales during a year in which the number of boats sold is 500,000.
The following data represent x = boat sales and y boat trailer sales from 1995 through 2000.
|
Year
|
Boat Sales
(Thousands)
|
Boat Trailer Sales
(Thousands)
|
|
1995
|
649
|
207
|
|
1996
|
619
|
194
|
|
1997
|
596
|
181
|
|
1998
|
576
|
174
|
|
1999
|
585
|
168
|
|
2000
|
574
|
159
|
a. Determine the least-squares regression line and interpret its slope.
b. Estimate, for a year during which 500,000 boats are sold, the number of boat trailers that would be sold.
c. What reasons might explain why the number of boat trailers sold per year is less than the number of boats sold per year?
Provide complete and step by step solution for the question and show calculations and use formulas.