In a market research study for Optimal Communications, the following data were provided basedon the projected monthly sales (x), (in thousands) of the latest album release by the popularmusical band with a proposed wholesale unit price of y dollars.Xy2.238.005.436.00Σx=40.7; Σy=167; Σx = 428.41;ΣSS= 64.7;SS=-78.787.034.50Ey =5642.5;11.530.0014.628.50Σxy = 1280.6 (a) Computex and y(b) Compute the value of SSXX(c) Find the equation of the least squares regression line.(d) State the coordinates of the y-intercept and the value of the gradient or slope.(e) Calculate the correlation coefficient and interpret the result.(f) Use the equation in c) to determine the wholesale unit price you would expect for a demand of3250 albums.

Given, Sample Monthly Sales (x) Wholesale Price (y) 1 2.2 38.00 2 5.4 36.00 3 7.0 34.50…

Answered: In a market research study for Optimal…

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter7: Distance And Approximation

Section7.3: Least Squares Approximation

Problem 31EQ

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In a market research study for Optimal Communications, the following data were prov on the projected monthly sales (x), (in thousands) of the latest album release by the musical band with a proposed wholesale unit price of y dollars.