The manager of a seafood restaurant wants to establish a price on shrimp dinners. Experimenting with prices produced the following data:

a. Plot the data as a scatter plot, determine the regression equation, and plot the regression line on the same graph as data. (You may use Excel€™s €œ =slope(RangeY, RangeX)€ and €œ=intercept (RangeY, RangeX)€ to obtain the regression coefficients b and a, respectively, where RangeY is the range of Excel cells containing they values and RangeX is the range of Excel cells containing the x values. Alternatively, use Trendline in the Layout menu.)
b. Determine the correlation coefficient and interpret it. (You may use Excel€™s €œ=CORREL (RangeY, RangeX)€ to determine r).

Transcribed Image Text:

Average Number Sold per Day, y 200.. 190... 188 180... 170..... 162. Price, x $0.00 6.50 6.75 100............ 7.00 7.25 7.50 8.00 Average Number Sold per Day, y 155 156 148 140 133... Price, x $0.25 . 8.50 8.75 9.00 .. 9.25