a. Plot the data and a regression line on the same graph. b. Determine the correlation coefficient and interpret it.
a. Plot the data and a regression line on the same graph. b. Determine the correlation coefficient and interpret it.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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C3Q25#2
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Transcribed Image Text:25. The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. Experimenting with prices produced the following data:
Average Number Sold per Day, y
Price, x Average Number Sold per Day, y
$6.00
6.50
6.75
7.00
7.25
7.50
8.00
200
190
188
180
170
162
160
a. Plot the data and a regression line on the same graph.
b. Determine the correlation coefficient and interpret it.
155
156
148
140
133
Price, x
$8.25
8.50
8.75
9.00
9.25
Expert Solution

Step 1 Introduction:
For the given dataset, I would plot the data, add the trend or regression line, I would also determine the correlation coefficient, The detailed calculations are presented below,
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