1. The demand and price of a product is given in the following table: Price (Tk.) Demand (kg) 40 9.4 35 23 12.5 45 7.5 44 50 4.5 55 72 8.6 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).

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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.