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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

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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