1. A survey was conducted to find the association between price of pizza (per slice) and the volume of sales (in thousands of slices). The summary statistics is as given below:

Variable Min Mean Median Max Standard Deviation Sale Volume (in thousands) 12.74 27.1 22.6 102 13.63 Sale Price (per slice in dollars) 2.05 2.85 2.87 3.4 0.28 The regression equation between sale volume and price is given as Volume = 123.23 - 33.73 Price The R-squared for the above relationship is 50%.Residuals Versus Baltimore Price 60 50 40 30 Residual 20 10 0 -10 -20 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 Baltimore Price