Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price Number Sold $2.50 760 $3.40 505 $1.90 990 $4.10 250 $3.20 315 $4.10 480 Using simple linear regression and given that the price per cup is $1.75, the forecasted demand for mocha latte coffees will be 950.6 cups (enter your response rounded to one decimal place).

Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price Number Sold $2.50 760 $3.40 505 $1.90 990 $4.10 250 $3.20 315 $4.10 480 Using simple linear regression and given that the price per cup is $1.75, the forecasted demand for mocha latte coffees will be 950.6 cups (enter your response rounded to one decimal place).

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.6: Moving Averages Models

Problem 22P: The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six...

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