Question
Hock Kee Seafood Company wants to know how the demand for squids depends on the price per kilograms. The research officers have collected information on
Hock Kee Seafood Company wants to know how the demand for squids depends on the price per kilograms. The research officers have collected information on seven restaurants in Johor Bahru area. The following table shows the price per kilogram (in RM) and sales (in kilogram) for these seven restaurants.
Price per kg (RM) | 32 | 30 | 28 | 26 | 24 | 22 | 20 |
Sales (kg) | 250 | 330 | 400 | 450 | 480 | 550 | 600 |
Table 2
Based on the data set in the table above, answer the following questions:
1 .Using the Least Square Method, with annual income as the x-axis, find the equation of the estimated regression line.
2. Estimate the amount of sales generated with a demand price in kilogram is RM34.
3.
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