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
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
Publisher:Carter
Chapter10: Statistics
Section10.2: Representing Data
Problem 11PPS
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Question
- 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
- Compute and interpret b1.
- Compute b0
- What quantity of plywood should we expect to sell if the price is $7 per piece?
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