Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What is the demand equation from the six data points from the scatter plot(use the number sold as the x coordinate). Does the relationship appear
What is the demand equation from the six data points from the scatter plot(use the number sold as the x coordinate). Does the relationship appear to be linear? Use regression analysis to find the line of best fit. This line will be your demand equation. How strong is the correlation?
sold price
355 1.5
320 2
265 2.5
235 3
180 3.5
125 4
I used excel and plotted the points and use excel to find the trend line.
I got -91.4x +498 with a correlation value of .993.
Step 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