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.
|
|
|
