SOLUTION: The owner of retailing organization is interested in relationship between price at which a commodity is offered for sale and quantity sold. The following sample data have been coll

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Question 1197089: The owner of retailing organization is interested in relationship between price at which a commodity is offered for sale and quantity sold. The following sample data have been collected.
Price: 25,45,30,50,35,40,65,75,70,60
Quantity sold: 118,105,112,100,111,108,95,88,91,96
Part (a): plot scatter diagram for the above data.
Part (b): Fit straight line equation and plot the estimated line also.
Part (c): Find sy.x
Part (d): Estimate the quantity sold when price is 80.
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!

Hi  
 Using Excel, Enter Data, highlight , chose insert scatter plot 
Add trendline and formula                               
x	y                     
25	118
45	105
30	112
50	100
35	111
40	108
65	95
75	88
70	91
60	96
Part (a): plot scatter diagram for the above data/ trend line
  .                                
Part (d): Estimate the quantity sold when price is 80.
 Y = -.5668(80) + 130.45 = 86 quantity sold (estimate)
Wish You the Best in your Studies.


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