31.

Use the method of least squares to calculate the intercept and slope of the linear relationship between quantity (Q) and price (P) of coke from the data set for Coke.

a)What is the equation for coke?

b)Is it consistent with the law of demand or supply?

c)Assuming that the price of coke is equal to $23.00, what would be the predicted quantity?

d)How confident could we be about our prediction?Why?

WeekQuantity of CokePrice of Coke150$25.37248$25.37347$25.37448$25.37547$22.83653$20.30752$25.37853$20.30953$17.761045$25.371146$22.831248$17.761346$25.371451$25.371545$25.371651$20.301751$22.831849$25.371950$25.372053$15.22