The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. The manager intends to use the pricing $/LB to predict the lobster sales on each day. The pertinent historical data are collected as shown in the table. Anaswer the following questions. Day Lobster Sold/day Price ($/lb.) 1 171 7.0 2 181 5.2 3 170 6.5 4 179 7.9 5 165 7.0 6 150 5.8 7 178 7.3   a) x = independent variable. According to this problem, the ∑x =  b) r i s the coeefficient of correlation. Use the r equation to compute the value of the denominator part of the equation. The value for the r denominator =  (in 4 decimal places) c) According to this problem, the correlation of coefficient, r, between the two most pertinent variables is =  (in 4 decimal places). d) According to the instructor's lecture, the correlation strength between any two variables can be described as strong , weak , or no correlation. The correlation strength for this problem can be described as  correlation.   e) According to the instructor's lecture, the correlation direction between any two variables can be described as direct or indirect relationship. The correlation direction for this problem can be described as  relationship.   f) Regardless, you were told to use the Associative Forecasting method to predict the expected lobster sale. If the lobster price = $8.58, the expected #s of lobster sold =  (round to the next whole #).

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.1: Stem-and-leaf Plots And Histograms
Problem 10E
icon
Related questions
icon
Concept explainers
Question

The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. The manager intends to use the pricing $/LB to predict the lobster sales on each day. The pertinent historical data are collected as shown in the table. Anaswer the following questions.

Day
Lobster Sold/day
Price ($/lb.)
1
171
7.0
2
181
5.2
3
170
6.5
4
179
7.9
5
165
7.0
6
150
5.8
7
178
7.3

 
a) x = independent variable. According to this problem, the ∑x = 

b) r i s the coeefficient of correlation. Use the equation to compute the value of the denominator part of the equation. The value for the denominator =  (in 4 decimal places)

c) According to this problem, the correlation of coefficientr, between the two most pertinent variables is =  (in 4 decimal places).

d) According to the instructor's lecture, the correlation strength between any two variables can be described as strong , weak , or no correlation. The correlation strength for this problem can be described as  correlation.
 
e) According to the instructor's lecture, the correlation direction between any two variables can be described as direct or indirect relationship. The correlation direction for this problem can be described as  relationship.
 
f) Regardless, you were told to use the Associative Forecasting method to predict the expected lobster sale. If the lobster price = $8.58, the expected #s of lobster sold =  (round to the next whole #).

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

Blurred answer
Knowledge Booster
Conditional Probability, Decision Trees, and Bayes' Theorem
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Functions and Change: A Modeling Approach to Coll…
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell