What is the regression equation resulting from using both the month (where January = 1, February = 2, etc.) and the level of Sales to forecast Pounds?
A rendering plant wishes to use the data (sales records from a few local businesses and the month of the year) to help determine their supply level for the coming months. The records shown in the table provide an excellent opportunity for you to assist them with their forecasting.
Month Sales Pounds
January 45 54.3
February 57 63.8
March 32 39.5
April 44 49.8
May 51 52.3
June 34 39.9
Answer: Pounds = 17.76 + 0.84 × Sales - 1.29 × Month
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