Mumbai Electronics is planning to extend its marketing region from the western United States to include the midwestern states. In order to predict its sales in this new region, the company has asked you to develop a linear regression of DVD system sales on price, using the following data supplied by the marketing department: Sales 418 384 343 407 432 386 444 427 Price  98  194  231 207 89 255 149 195 a. Use an unbiased estimation procedure to find an estimate of the variance of the error terms in the population regression. b. Use an unbiased estimation procedure to find an estimate of the variance of the least squares estimator of the slope of the population regression line. c. Find a 90% confidence interval for the slope of the population regression line.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.