Tandoori Lovers, periodically offers take away chicken combo dinners at special prices. Based on historical observations and calculations in the following table, determine the regression equation, correlation coefficient and coefficient of determination. Forecast the sales of Chicken Palace's chicken combo dinner set if it is priced at RM4.50 each. Observation Price (RM) Combo dinners sold 1 2.70 760 2 3.50 510 3 2.00 980 4.20 250 4 3.10 320 5 4.05 480
Tandoori Lovers, periodically offers take away chicken combo dinners at special prices. Based on historical observations and calculations in the following table, determine the regression equation, correlation coefficient and coefficient of determination. Forecast the sales of Chicken Palace's chicken combo dinner set if it is priced at RM4.50 each. Observation Price (RM) Combo dinners sold 1 2.70 760 2 3.50 510 3 2.00 980 4.20 250 4 3.10 320 5 4.05 480
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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Break Even Analysis is a term used in business, cost accounting and economics. It refers to a point where the total cost incurred becomes equal to the total revenue earned. Break Even Analysis determines the number of units to be sold to earn the revenue required to cover the total costs. Total cost is a sum total of fixed and variable costs.
Process analysis
The term process analysis can be defined as breakdown of production process into different phases that converts inputs into output. A series of routine activities are incorporated using organizational resources with a view to achieve operational excellence.
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Transcribed Image Text:Tandoori Lovers, periodically offers take away chicken combo dinners at special
prices. Based on historical observations and calculations in the following table,
determine the regression equation, correlation coefficient and coefficient of
determination. Forecast the sales of Chicken Palace's chicken combo dinner set if
it is priced at RM4.50 each.
Observation
Price (RM)
Combo dinners
sold
1
2.70
760
2
3.50
510
3
2.00
980
4.20
250
4
3.10
320
5
4.05
480
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