Problem 1 You have to use R to complete this exercise. [In your R document, type comments (lines that start with #) to both (i) explain what your R commands do, and (ii) answer questions in the problem below.] A random sample of data for 7 days of operation produced the following (price, quantity) data values: Price per Gallon Quantity Sold, Y of Paint, X 11 200 9 250 6 415 5 430 10 220 8.5 220 7.2 340 a. Prepare a scatter plot of the data. b. Using formulae given in class compute and interpret b. c. Using formulae given in class compute and interpret bo Problem 2 Compute the coefficients for a least squares regression equation and write the equation, given the following sample statistics: x=34, y=230, s=15, s = 30, r=0.2, n=40. Problem 3 xy You have to use R to complete this exercise. [In your R document, type comments (lines that start with #) to both (i) explain what your R commands do, and (ii) answer questions in the problem below.] Sal 420 380 350 400 440 380 450 420 es Pri 320 345 390 310 290 330 280 300 ce a. Estimate the linear regression of sales on price using lm() and report the coefficients of the regression. b. Graph the data and the regression line together using plot() and abline(). c. What effect would you expect a $30 increase in price to have on sales? Page 1 of 2