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manager of Sarah’s Ice c cream. The store orders ice cream from a distributor a week ahead, and if too little is ordered the store loses business. If it orders too much, it must be thrown away.The manager believes that a major determinant of ice cream sales is temperature, that is, the hotter it is, the more ice cream people buy. Using an almanac, the manager determined the average temperature for 10 weeks selected at random and then, from store records, has determined the ice cream consumption for the same 10 weeks.The data are summarized as follows:
Expert Answer
Forecast of ice-cream consumption for temperature of 86 = -6.7789 + 1.5489*86 = 126.4265
(b) Prediction of y using correlation is as follows
We see that both prediction using linear regression and correlation yield same result.
