Discuss the below:
Q: Mark Gershon, owner of a musical instrument distributorship, thinks that demand for guitars may be related to the number of television appearances by the popular group Maroon 5 during the previous month. Mark has collected the data shown in the following table:
Demand For Guitars 3 6 7 5 10 7
Maroon 5 TV Appearances 3 4 7 6 8 5
Graph these data to see whether a linear equation might describe the relationship between the group's television shows and guitar sales.
Use the least-squares regression method to derive a forecasting equation.
What is your estimate for guitar sales if Maroon 5 performed on TV nine times last month?
What are the correlation coefficient (r) and the coefficient of determination (r^2) for this model, and what do they mean?
The result should be Forecast = 9.93