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 x = independent variable. According to this problem, the ∑x = 46.7 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 = 414.1142 According to this problem, the correlation of coefficient, r, between the two most pertinent variables is = 0.2707 a) 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. b) 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. c) 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 #).
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
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
|
x = independent variable. According to this problem, the ∑x = 46.7
r i s the coeefficient of
According to this problem, the
a) 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.
b) 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.
c) 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 #).
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