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 $2.60 $3.50 $2.00 $4.20 $3.00 $4.05 Number Sold 770 510 975 240 320 490

Practical Management Science
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Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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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
$2.60
$3.50
$2.00
$4.20
$3.00
$4.05
Number Sold
770
510
975
240
320
490
Transcribed Image Text: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 $2.60 $3.50 $2.00 $4.20 $3.00 $4.05 Number Sold 770 510 975 240 320 490
Using simple linear regression and given that the price per cup is $1.85, the forecasted demand for mocha latte coffees will be
one decimal place).
cups (enter your response rounded to
Transcribed Image Text:Using simple linear regression and given that the price per cup is $1.85, the forecasted demand for mocha latte coffees will be one decimal place). cups (enter your response rounded to
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