Multiple Choice
A local tire dealer wants to predict the number of tires sold each month.He believes that the number of tires sold is a linear function of the amount of money invested in advertising.He randomly selects 6 months of data consisting of monthly tire sales (in thousands of tires) and monthly advertising expenditures (in thousands of dollars) .The simple linear regression equation is 
= 3 + 1X.The dealer randomly selects one of the six observations with a monthly sales value of 8000 tires and monthly advertising expenditures of $7000.Calculate the value of the residual for this observation.
A) 1
B) -2
C) 2
D) -1
Correct Answer:
Verified
Correct Answer:
Verified
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