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Part III (40 points) To develop a better understanding of the consumers' sensitivities, Johan wants to estimate the price elasticity of durian, and he wants to focus on the best-selling variety of durian, namely, the Musang King. Luckily for Johan, there exists some variation due to the frequent price promotion for this variety of durian. More specifically, the price schedule of the Musang king is as following: Price of Musang King Durian Days Price/kg Kg Sold 25.37 45 25.37 40 25.37 40 25.37 43 22.83 41 20.3 45 25.37 45 20.3 46 17.76 47 10 25.37 41 11 22.83 40 12 17.76 42 13 25.37 41 14 25.37 44 15 25.37 39 16 20.3 43 17 22.83 43 18 25.37 42 19 25.37 43 20 15.22 45Use Excel to make a scatter diagram of the quantity sold and price and add a trend line to your scatter diagram [to verify that a linear relationship does exist] and develop a regression equation to estimate this relationship. Question: 2. What is the strength of the correlation between the price and number of Kg sold? 3. Explain what the trend line means. 4. Is there a significant relationship between your independent and dependent variables? 5. What is the probability that the value of the coefficient is obtained by chance? 6. What is your regression equation? 7'. Hovur would you advise Johan on his pricing strategy {create a memo to communicate your rationale to Johan? Please see the following for a refresher on interpretation of regression results