An analyst at Umbrella corporation studied the relationship

An analyst at Umbrella corporation studied the relationship between the sales (in millions of dollars) of a product (Y) and population (in millions of people) in the company\'s 50 marketing districts. After fitting the simple linear regression model Y = beta_o +beta_1(population)+

Solution

The company can be 95% based on the method used to calculate confidence inerval that the true increase in mean sales for each additional 1 million persons in the marketing district is between $53000 and $1060000