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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 cities and offers the candy bar at different prices. Using candy bar sales as the dependent variable, the company will conduct a simple regression on the data below: City Price ($) Sales Barrie 1.30 100 Brampton 1.60 90 Kitchener 1.80 85 Oakville 2.00 50 Toronto 2.40 38 Windsor 2.70 28 Coefficient of correlation= -0.9626 S, =0.5164 , Ex =11.8 , S, = 30.2418 , >y=391 a. Construct the equation of least square regression line. b. Estimate the candy bar sales if the price is $2.20 C. What percentage of the total variation in candy bar sales is explained by prices
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