=+56. Lobsters 2012, part 4. Of course, what matters most to the individual entrepreneur—the licensed commercial lobster fisher—is the price of lobster. Here’s an analysis relating that price ($/lb) to the number of traps (millions) since 1950:

Dependent variable is: Price/lb R squared = 93.4%

s = 0.3147 with 63 - 2 = 61 degrees of freedom Variable Coefficient SE(Coeff) t-ratio P-value Intercept -0.251127 0.0844 -2.98 0.0042 Traps(M) 1.22756 0.0417 29.4 60.0001 4

3 2

1 Price/lb 0.75 1.50 2.25 3.00 Traps (M)

–0.4 0.0 0.4 0.8 1 2 3 Predicted Residuals

–0.750 –0.250 0.250 0.750 5

10 15 Residuals