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[Solution Library] Recently, research efforts have focused on the problem of predicting a manufacturer’s market share by using information on the quality of

Question: Recently, research efforts have focused on the problem of predicting a manufacturer’s market share by using information on the quality of its product. Suppose that the following data are available on market share, in percentage (y), and product quality, on a scale of 0 to 100, determined by an objective evaluation procedure (X):

X:	27	39	73	66	33	43	47	55	60	68	70	75	82
Y:	2	3	10	9	4	6	5	8	7	9	10	13	12

Estimate simple linear regression relationship between market share and product quality rating.
Find the standard errors of the estimates of regression parameters; give an estimate of the variance of the regression errors. Also give a 95% confidence interval for the true regression slope. Is zero a plausible value for the true regression slope at a 95% level of confidence?
What is r^2 in the regression? Interpret its meaning.

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[Solution Library] Recently, research efforts have focused on the problem of predicting a manufacturer’s market share by using information on the quality of

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