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A random sample of data for 7 days of operation produced the following (price, quantity) data values:Price per Gallon of Paint, X        Quantity Sold, Y               10                                           100                8                                            120                5                                            200                4                                            200              10                                             90                7                                            110                6                                            150a. Prepare a scatter plot of the data.b. Compute and interpret b1.c. Compute and interpret b0.d. How many gallons of paint would you expect to sell if the price is $7 per gallon?

A random sample of data for 7 days of operation produced the following (price, quantity) data values:Price per Gallon of Paint, X        Quantity Sold, Y               10                                           100                8                                            120                5                                            200                4                                            200              10                                             90                7                                            110                6                                            150a. Prepare a scatter plot of the data.b. Compute and interpret b1.c. Compute and interpret b0.d. How many gallons of paint would you expect to sell if the price is $7 per gallon?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A random sample of data for 7 days of operation produced the following (price, quantity) data values:

Price per Gallon of Paint, X        Quantity Sold, Y
               10                                           100
                8                                            120
                5                                            200
                4                                            200
              10                                             90
                7                                            110
                6                                            150
a. Prepare a scatter plot of the data.
b. Compute and interpret b1.
c. Compute and interpret b0.
d. How many gallons of paint would you expect to sell if the price is $7 per gallon?

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