Tandoori Lovers, periodically offers take away chicken combo dinners at special prices. Based on historical observations and calculations in the following table, determine the regression equation, correlation coefficient and coefficient of determination. Forecast the sales of Chicken Palace's chicken combo dinner set if it is priced at RM4.50 each. Observation Price (RM) Combo dinners sold 1 2.70 760 2 3.50 510 3 2.00 980 4.20 250 4 3.10 320 5 4.05 480
Tandoori Lovers, periodically offers take away chicken combo dinners at special prices. Based on historical observations and calculations in the following table, determine the regression equation, correlation coefficient and coefficient of determination. Forecast the sales of Chicken Palace's chicken combo dinner set if it is priced at RM4.50 each. Observation Price (RM) Combo dinners sold 1 2.70 760 2 3.50 510 3 2.00 980 4.20 250 4 3.10 320 5 4.05 480
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.4: Multiple Regression Models
Problem 14P: An antique collector believes that the price received for a particular item increases with its age...
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Breakeven Analysis
Break Even Analysis is a term used in business, cost accounting and economics. It refers to a point where the total cost incurred becomes equal to the total revenue earned. Break Even Analysis determines the number of units to be sold to earn the revenue required to cover the total costs. Total cost is a sum total of fixed and variable costs.
Process analysis
The term process analysis can be defined as breakdown of production process into different phases that converts inputs into output. A series of routine activities are incorporated using organizational resources with a view to achieve operational excellence.
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