In a market research study for Optimal Communications, the following data were prov on the projected monthly sales (x), (in thousands) of the latest album release by the musical band with a proposed wholesale unit price of y dollars.
In a market research study for Optimal Communications, the following data were prov on the projected monthly sales (x), (in thousands) of the latest album release by the musical band with a proposed wholesale unit price of y dollars.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
![In a market research study for Optimal Communications, the following data were provided based
on the projected monthly sales (x), (in thousands) of the latest album release by the popular
musical band with a proposed wholesale unit price of y dollars.
X
y
2.2
38.00
5.4
36.00
Σx=40.7; Σy=167; Σx = 428.41;
ΣSS= 64.7;
SS=-78.78
7.0
34.50
Ey =5642.5;
11.5
30.00
14.6
28.50
Σxy = 1280.6](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd8f34c27-d547-42cf-8513-49967d562251%2F1b97c1cd-2dda-439c-8478-72a88ade1a7c%2F5izlxj_processed.png&w=3840&q=75)
Transcribed Image Text:In a market research study for Optimal Communications, the following data were provided based
on the projected monthly sales (x), (in thousands) of the latest album release by the popular
musical band with a proposed wholesale unit price of y dollars.
X
y
2.2
38.00
5.4
36.00
Σx=40.7; Σy=167; Σx = 428.41;
ΣSS= 64.7;
SS=-78.78
7.0
34.50
Ey =5642.5;
11.5
30.00
14.6
28.50
Σxy = 1280.6
![(a) Computex and y
(b) Compute the value of SS
XX
(c) Find the equation of the least squares regression line.
(d) State the coordinates of the y-intercept and the value of the gradient or slope.
(e) Calculate the correlation coefficient and interpret the result.
(f) Use the equation in c) to determine the wholesale unit price you would expect for a demand of
3250 albums.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd8f34c27-d547-42cf-8513-49967d562251%2F1b97c1cd-2dda-439c-8478-72a88ade1a7c%2F9jdoljc_processed.png&w=3840&q=75)
Transcribed Image Text:(a) Computex and y
(b) Compute the value of SS
XX
(c) Find the equation of the least squares regression line.
(d) State the coordinates of the y-intercept and the value of the gradient or slope.
(e) Calculate the correlation coefficient and interpret the result.
(f) Use the equation in c) to determine the wholesale unit price you would expect for a demand of
3250 albums.
Expert Solution
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Step 1
Given,
Sample | Monthly Sales (x) | Wholesale Price (y) |
1 | 2.2 | 38.00 |
2 | 5.4 | 36.00 |
3 | 7.0 | 34.50 |
4 | 11.5 | 30.00 |
5 | 14.6 | 28.50 |
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