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Please help, Given: Selected Importing Countries 2019 Retail prices (US$ per pound) Consumption (thousand 60-kg bags) Austria 6.17 1173 Bulgaria 4.21 423 Cyprus 5.39 115
Please help, Given:
Selected Importing Countries 2019 | Retail prices (US$ per pound) | Consumption (thousand 60-kg bags) |
Austria | 6.17 | 1173 |
Bulgaria | 4.21 | 423 |
Cyprus | 5.39 | 115 |
Czechia | 6.70 | 843 |
Denmark | 4.85 | 778 |
Finland | 4.00 | 1348 |
France | 3.47 | 6192 |
Hungary | 4.35 | 418 |
Italy | 7.31 | 5469 |
Latvia | 5.90 | 114 |
Lithuania | 5.86 | 251 |
Malta | 14.27 | 23 |
Poland | 3.57 | 2501 |
Portugal | 5.08 | 931 |
Slovakia | 6.11 | 227 |
Spain | 3.63 | 3253 |
Sweden | 3.05 | 1769 |
Japan | 5.71 | 7551 |
Norway | 5.28 | 771 |
Russian Federation | 7.12 | 4820 |
United Kingdom | 17.55 | 3770 |
United States of America | 4.14 | 27310 |
- which gives the retail prices of coffee in US dollars per pound and the consumption of coffee in thousand 60-kg bags in twenty-two countries for 2019. Next access the graph menu to make a scatter diagram of the data. Depending on the version of Excel that you are using, you may need to modify the following directions.
- Highlight cells B2 through C23 by depressing the mouse over cell B2 and dragging it to cell C23.
- Release the left mouse key. With cells B2 through C23 highlighted, select the "Insert" tab and then select the "scatter" diagram option on the ribbon. Select the first option on the drop-down menu. A scatter diagram should appear in the spreadsheet.
- Click on the down arrow next to "Chart Layouts" on the ribbon to see different layouts for the scatter diagram. Select layout 1 (first row, first column). Enter labels for the horizontal and vertical axes. Click on the horizontal axis title and type: Retail price per pound. The text you type will appear in a text field at the top of the spreadsheet. Then hit ENTER. Click on the vertical axis title and type: Consumption. Then hit ENTER.
- Move the graph to its own sheet by right-clicking on the border of the graph. A pop-up menu comes up with an option to "Move chart." Select "New sheet" from the pop-up menu and give the graph a name such as "Scatter Diagram." Then hit "OK."
- Click on the legend at the right of the graph, and then hit the delete key. To modify parts of the graph, right-click on that part of the graph. A pop-up menu will come up with options to modify the graph. For example, to increase the font size of the axes titles click on one of the titles to highlight it. Then change the font size from the home menu on the ribbon.
- Do the data in the graph seem to follow a linear trend?
- Use two data points in the graph to write a linear equation y = mx + b where y represents the consumption in thousands of 60-kg bags of coffee per country, and x represents the retail price per pound of coffee.
- Next, use Excel to find a linear equation that represents the line of "best fit" through all the data points. Right-click on any data point in the graph and select "Add Trendline" from the pop-up menu. Select "Linear" and check the box to "Display Equation on chart." Hit "Close." A line representing the trend of the data will appear along with an equation of the line.
- Using the equation that you found:
- Identify the slope of the line. Interpret the slope in the context of this problem.
- Determine the x-intercept. What does the x-intercept mean in the context of this problem?
- Estimate the average consumption of coffee if the retail price is $8.00.
- Use the equation from the line of best fit:
- Determine the slope of the linear trend. Interpret the slope in the context of this problem.
- Determine the x-intercept. What does the x-intercept mean in the context of this problem?
- Estimate the average consumption of coffee if the retail price is $8.00.
- What conclusions can you draw by comparing the two equations?
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