Question
A. Amiba Private limited produce 10 products in their production plant. The company's research and development (R& D) department wants to estimate a price for
A. Amiba Private limited produce 10 products in their production plant. The company's research and development (R& D) department wants to estimate a price for their 11th product. Hence, R & D department has selected 10 sites thought to have essentially identical sales potential and offered the product in each location at a different price. The resulting sales are recorded in the following table.
You are required to find the equation of the regression line and forecast the sales if company fix the price at $15.25. (5 marks)
Location | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
Price | 15.00 | 15.50 | 16.00 | 16.5 | 17.00 | 17.50 | 18.00 | 18.50 | 19.00 | 19.50 |
Sales ($'000) | 15 | 14 | 16 | 9 | 12 | 10 | 8 | 9 | 6 | 5 |
B. Victorian government has proposed a new bus network to south east regional Victoria. A survey is sent out to residents asking questions which relate to:
- The resident's age
- Frequency of bus use
- Usual ticket type purchased
- Main purpose of using the bus
i. Describe the population
ii. Indicate whether each of the questions above is categorical or numerical.
iii. Identify the possible scale of measurements on answers related to each of the questions.
iv. Develop two more numerical questions and state whether the variables are discrete or continuous.
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