1. The demand and price of a product is given in the following table: Price (Tk.) Demand (kg) 23 35 40 45 44 50 55 72 12.5 8.6 9.4 7.5 4.5 4 2 a. Find the relationship between demand and price using a scatter diagram and comment (interpret). b. Find correlation coefficient and comment. c. Fit a least square regression equation (line) of demand on price and comment. d. What will be the demand when the price is Tk. 38 and Tk. 15? e. Find coefficient of determination (how well the regression line is fitted).

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
icon
Concept explainers
Question

Please give the answers of d,e and show all the steps

1. The demand and price of a product is given in the following table:
Price (Tk.)
Demand (kg)
23
35
40
45
44
50
55
72
12.5
8.6
9.4
7.5
5
4.5
4
2
a. Find the relationship between demand and price using a scatter diagram and
comment (interpret).
b. Find correlation coefficient and comment.
c. Fit a least square regression equation (line) of demand on price and comment.
d. What will be the demand when the price is Tk. 38 and Tk. 15?
e. Find coefficient of determination (how well the regression line is fitted).
Transcribed Image Text:1. The demand and price of a product is given in the following table: Price (Tk.) Demand (kg) 23 35 40 45 44 50 55 72 12.5 8.6 9.4 7.5 5 4.5 4 2 a. Find the relationship between demand and price using a scatter diagram and comment (interpret). b. Find correlation coefficient and comment. c. Fit a least square regression equation (line) of demand on price and comment. d. What will be the demand when the price is Tk. 38 and Tk. 15? e. Find coefficient of determination (how well the regression line is fitted).
Expert Solution
steps

Step by step

Solved in 4 steps with 3 images

Blurred answer
Knowledge Booster
Points, Lines and Planes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman