The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. Experimenting

Question:

The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. Experimenting with prices produced the following data:

a. Plot the data and a regression line on the same graph.
b. Determine the correlation coefficient and interpret it.

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Operations Management

ISBN: 978-0078024108

12th edition

Authors: William J Stevenson

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Question Posted: Dec 30, 2014 06:49 AM

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The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. Experimenting

Question:

Average Number Sold per Day, y 190 199 190 170 162 160 Price, x $6.00 6.50 6.75 7.00 7.25 7.50 8.00 Average Number Sold per Day, y 155 156 148 140 133 Price, x 8.25 8.50 8.75 9.00 9.25

Step by Step Answer:

X Price Y Sales XY X 2 Y 2 600 200 120000 3600 40000 650 190 123500 4225 36100 675 1...View the full answer

Operations Management

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