Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price Number Sold $2.50 760 $3.40 505 $1.90 990 $4.10 250 $3.20 315 $4.10 480 Using simple linear regression and given that the price per cup is $1.75, the forecasted demand for mocha latte coffees will be 950.6 cups (enter your response rounded to one decimal place).

Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price Number Sold $2.50 760 $3.40 505 $1.90 990 $4.10 250 $3.20 315 $4.10 480 Using simple linear regression and given that the price per cup is $1.75, the forecasted demand for mocha latte coffees will be 950.6 cups (enter your response rounded to one decimal place).

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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