Question

Fran’s Convenience Marts is located throughout the metropolitan area of ​​Erie, Pennsylvania. Fran, the owner, wants to expand her business to other communities in northwestern Pennsylvania and southeast New York, such as Jamestown, Corry, Meadville and Warren. To prepare your presentation to the local bank, you would like to better understand the factors that make a particular discount store productive. Fran must do all the work on her own, so she won't be able to study all the discount stores. Therefore, he selects a random sample of 15 stores and records the average daily sales, floor space (area), the number of parking spaces and the average income of families in the region for each of the stores. Sample information is reported below.

Store Sampled	Daily Sales	Store Area	Parking Space	Income (thousands of dollars)
1	$1840	532	6	44
2	1746	478	4	51
3	1812	530	7	45
4	1806	508	7	46
5	1792	514	5	44
6	1825	556	6	46
7	1811	541	4	49
8	1803	513	6	52
9	1830	532	5	46
10	1827	537	5	46
11	1764	499	3	48
12	1825	510	8	47
13	1763	490	4	48
14	1846	516	8	45
15	1815	482	7	43

Perform the analysis required for the study that you must present to the bank regarding the best equation in order to estimate daily sales.

Answer 1

The regression equation is