ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
A random sample of data for 7 days of operation produced the following (price, quantity) data values:
Price per Gallon of Paint, X Quantity Sold, Y
10 100
8 120
5 200
4 200
10 90
7 110
6 150
a. Prepare a scatter plot of the data.
b. Compute and interpret b1.
c. Compute and interpret b0.
d. How many gallons of paint would you expect to sell if the price is $7 per gallon?
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