Question
Question 19 (2 + 2 = 4 marks) The owner of a local grocery store varied the price of a half-kilo loaf of bread for
Question 19 (2 + 2 = 4 marks)
The owner of a local grocery store varied the price of a half-kilo loaf of bread for six consecutive weeks. The data below shows the price per loaf for each of these weeks, and the number of loaves sold that week.
| Price (x) | $0.60 | $0.62 | $0.58 | $0.60 | $0.64 | $0.62 |
| Loaves sold (y) | 220 | 200 | 280 | 250 | 190 | 240 |
You may use the following Excel print-outs or summary statistics provided to answer the questions.
| SUMMARY OUTPUT | SUMMARY STATISTICS | |||
| Regression Statistics | n = | 6 | ||
| Multiple R | 0.855 | = | 0.61 | |
| R Square | 0.731 | y = | 230 | |
| Adjusted R Square | 0.663 | sx = | 0.00044 | |
| Standard Error | 19.424 | sy = | 1120 | |
| Observations | 6 | sxy = | -0.6 | |
| Coefficients | Standard Error | t Stat | P-value | |
| Intercept | 1061.818 | 252.732 | 4.201 | 0.014 |
| Price | -1363.636 | 414.111 | -3.293 | 0.030 |
(a) Determine theestimated regression equation that can be used to predict the number of loaves sold given the price.
(b) Predict the number of loaves sold at a price of $0.65.
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Introduction To Health Care Management
Authors: Sharon B. Buchbinder, Nancy H. Shanks
3rd Edition
128408101X, 9781284081015
