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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
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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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

Please see the screen shot and help me solve the problem.  Please give me the steps that you used to find the solution so that I can learn to solve:

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
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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