Hotel Occupancy
A small hotel has recorded the number of rooms occupied during weekdays over a period of four weeks as is shown in the table below:
-{Hotel Occupancy Narrative} Find the regression trend line.
Definitions:
Supply Function
A mathematical relationship that describes the quantity of a good or service that producers are willing to sell at various prices.
Demand Function
A mathematical equation representing the relationship between the quantity demanded of a good and factors affecting its demand, such as price.
Inverse Demand
A representation of demand that expresses price as a function of quantity demanded, contrary to the typical demand function.
Inverse Supply
A concept in economics that describes a situation in which the supply of a good decreases as its price decreases, opposite to the normal supply behavior.
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