SoCal Edison reported the following data for operating revenue and net income for 2001 through 2005. Year Operating Revenue (Millions), X Net Income (Millions), Y 2001 2270 96.9 2002 1482 89.1 2003 2138 103.9 2004 2260 81.6 2005 2600 78.1 Determine the least-squares regression line and interpret its slope. Estimate the net income if the operating revenue figure is $2500 million.
SoCal Edison reported the following data for operating revenue and net income for 2001 through 2005. Year Operating Revenue (Millions), X Net Income (Millions), Y 2001 2270 96.9 2002 1482 89.1 2003 2138 103.9 2004 2260 81.6 2005 2600 78.1 Determine the least-squares regression line and interpret its slope. Estimate the net income if the operating revenue figure is $2500 million.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter4A: Problems In Applying The Linear Regression Model
Section: Chapter Questions
Problem 1E
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SoCal Edison reported the following data for operating revenue and net income for 2001 through 2005.
Year |
Operating Revenue (Millions), X |
Net Income (Millions), Y |
2001 |
2270 |
96.9 |
2002 |
1482 |
89.1 |
2003 |
2138 |
103.9 |
2004 |
2260 |
81.6 |
2005 |
2600 |
78.1 |
Determine the least-squares regression line and interpret its slope. Estimate the net income if the operating revenue figure is $2500 million.
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