The Following Data Represent the Number of Flash Drives Sold

question 110

Essay

The following data represent the number of flash drives sold per day at a local computer shop and their prices. $$\begin{array}{l}\text { Price } ( x ) \quad \text { Units Sold } ( y )\\\begin{array} { l l } \$ 34 & 3 \\36 & 4 \\32 & 6 \\35 & 5 \\30 & 9 \\38 & 2 \\40 & 1\end{array}\end{array}$$ ​
​a.Develop a least squares regression line and explain what the slope of the line indicates.
b.Compute the coefficient of determination and comment on the strength of relationship between x and y.

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Definitions:

Oligopolistic

Pertaining to a market structure where a few firms dominate, allowing them to influence prices and other market outcomes.

Perfectly Competitive

Describing a market structure where many competitors offer identical products, and no single buyer or seller can influence the market price.

Monopolistic

Describing a market structure where there is only one or a few sellers, each offering a unique product.

Industry Structure

The organization of and relationships between companies within a particular sector, characterized by aspects such as competition, product differentiation, and market size.