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 $2.70 $3.40 Number Sold 765 510 980 245 320 480 D $1.90 $4.10 $3.00 $4.00 Using simple linear regression, and given that the price per cup is $1.80, the forecasted demand for mocha latte coffees will be 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 $2.70 $3.40 Number Sold 765 510 980 245 320 480 D $1.90 $4.10 $3.00 $4.00 Using simple linear regression, and given that the price per cup is $1.80, the forecasted demand for mocha latte coffees will be cups (enter your response rounded to one decimal place).
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.FOM: Focus On Modeling: Fitting Lines To Data
Problem 12P: Demand for Candy Bars In this problem you will determine a linear demand equation that describes the...
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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
$2.70
$3.40
$1.90
$4.10
$3.00
$4.00
Using simple linear regression, and given that the price per cup is $1.80, the forecasted demand for mocha latte coffees will be cups (enter your response rounded to one decimal place).
Number Sold
765
510
980
245
320
480
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