The following table shows the total sales for 10 high-end supermarket stores. These are the same stores that you examined in Exercises 35 and 36. In addition to the population of the towns in which the stores are located, supermarket executives believe their store products appeal to a younger generation. Here are the data for total annual Sales and Median Age of residents of the town:
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a) Examine a scatterplot and describe the general relationship between Sales and Median Age of the town residents.
b) Do you think a linear model is appropriate?
c) The marketing manager fit the regression line. What is the equation of that line?
d) Using this model, predict the annual sales of a supermarket of this type in a town whose median age is 32 years.
e) Do you have any reservations about the prediction you found in (d)? Explain.