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A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price of their product. To do this, the company
A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price of their product. To do this, the company randomly chooses 6 small cities and offers the candy bar at different prices. Using candy bar sales as the dependent variable, the company will conduct a simple linear regression on the data below.
City | Price | Sales |
River Falls | 1.30 | 100 |
Hudson | 1.60 | 90 |
Ellsworth | 1.80 | 90 |
Prescott | 2.00 | 40 |
Rock Elm | 2.40 | 38 |
Stillwater | 2.90 | 32 |
- What is the coefficient of correlation for these data?
- What is the estimated slope parameter for candy bar price and sales data?
- What is (X- Xbar)^2 for these data?
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