The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners.

Experimenting with prices produced the following data:

Average Number Sold per Day, y Price, x Average Number Sold per Day, y Price, x 200 $6.00 155 $8.25 190 6.50 156 8.50 188 6.75 148 8.75 180 7.00 140 9.00 170 7.25 133 9.25 162 7.50 160 8.00

a. Plot the data and a regression line on the same graph.

b. Determine the correlation coefficient and interpret it.

 LO.1