A retailer wanted to estimate the monthly fixed and variable selling expenses. As a first step she collected data from the past 8 months and recorded it in Xr04-57. The total selling expenses in ($thousand) and the total sales in ($thousands) are shown below:
a) Compute the covariance and the coefficient of determination and describe what these statistics mean.
b) Determine the least squares line and use it to produce the estimates the retailer wants.
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