Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Please provide the working out

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Exercises In Computational Mathematics With MATLAB

Authors: Tom Lyche, Jean Louis Merrien

1st Edition

366243511X, 9783662435113

More Books

Students also viewed these Mathematics questions

Question

Define Administration and Management

Answered: 1 week ago

Question

Define organisational structure

Answered: 1 week ago

Question

2. I try to be as logical as possible

Answered: 1 week ago