Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Amiba Private limited produce 10 products in their production plant. The companys research and development (R& D) department wants to estimate a price for their

Amiba Private limited produce 10 products in their production plant. The companys 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

ANSWER a):

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 residents age

Frequency of bus use

Usual ticket type purchased

Main purpose of using the bus

Describe the population (1 mark)

ANSWER b {i}:

Indicate whether each of the questions above is categorical or numerical.

(2 marks)

ANSWER b {ii}:

Identify the possible scale of measurements on answers related to each of the questions. (2 marks)

ANSWER b {iii}:

Develop two more numerical questions and state whether the variables are discrete or continuous. (3 marks)

ANSWER b {iv}:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Effectiveness Meeting The IT Challenge

Authors: Kamil Omoteso

1st Edition

1409434680, 978-1409434689

More Books

Students also viewed these Accounting questions

Question

Identify five strategies to prevent workplace bullying.

Answered: 1 week ago