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The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. Experimenting with prices produced the following data Average number sold 158 159 154 134 131 129 118 113 114 105 Observation Price 6.00 6.50 6.75 7.00 7.25 7.75 8.00 8.25 8.50 8.75 9.00 9.25 2 3 4 6 7 8 9 10 12 79 a. Plot the graphfor the relationship between price and number of dinners sold. (Use scatter plot.) b. Determine the square of the correlation coefficient. Does it appearthat a relationship between these variables will yield good predictions? Explain. C. What is the value of correlation? Is there a positive or negative correlation? Is there a strong or weak correlation between the two variables? d. Obtain a regression line for the data e. Predict the expected lobster dinner sales, given the price is $7.50

math   Statistics-And-Probability   
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