The following data given are the (X) price changed per piece of plywood, and the (Y) quantity sold (in thousands): Price per piece (X) Thousands of pieces sold (Y) 6 80 7 60 8 70 9 40 10 0

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
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Chapter10: Statistics
Section10.2: Representing Data
Problem 11PPS
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  1. The following data given are the (X) price changed per piece of plywood, and the (Y) quantity sold (in thousands):

Price per piece (X)

Thousands of pieces sold (Y)

6

80

7

60

8

70

9

40

10

0

    COV(X,Y) = -45
    r = - 0.8895

x̄=8

 ȳ=50

  1. Compute and interpret b1.
  2. Compute b0
  3. What quantity of plywood should we expect to sell if the price is $7 per piece?

 

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