Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Solve problem 1, with Excel S (or similar). Send the excel file with all data and formulas Solved Problem 1 Chicken Palace periodically offers carryout
Solve problem 1, with Excel S (or similar). Send the excel file with all data and formulas
Solved Problem 1 Chicken Palace periodically offers carryout five -piece chicken dinners at special prices. Let Y be the number of dinners sold and X be the price. Based on the historical observations and calculations in the following table, determine the regression equation, correlation coefficient, and coefficient of determination. How many dinners can Chicken Palace expect to sell at $3.00 each? Solved Problem 1 SOLUTION We use the computer to calculate the best values of a,b, the correlation coefficient, and the coefficient of determination abrr2=1,454.60=277.63=0.84=0.71 The regression line is Y=a+bX=1,454.60277.63X For an estimated sales price of $3.00 per dinner Y=a+bX=1,454.60277.63(3.00)=621.71or622dinnersStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started