A Company Has Recorded Data on the Weekly Sales for Its

question 6

Essay

A company has recorded data on the weekly sales for its product (y) and the unit price of the competitor's product (x). The data resulting from a random sample of seven weeks follows. Use Excel to develop a scatter diagram and to compute the least squares estimated regression equation and the coefficient of determination. $$\begin{array} { l l l } \text { Week } & \text { Price } & \text { Sales } \\\hline 1 & 0.33 & 20 \\2 & 0.25 & 14 \\3 & 0.44 & 22 \\4 & 0.40 & 21 \\5 & 0.35 & 16 \\6 & 0.39 & 19 \\7 & 0.29 & 15\end{array}$$ ​

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Definitions:

Efficient Outcome

A situation where resources are allocated in the most effective manner, maximizing benefits and minimizing waste.

Lawsuit

A legal action brought in a court by a plaintiff against a defendant, typically seeking compensation for some form of harm or enforcement of a right.

Common Property Resource

Resource to which anyone has free access.

Efficient Use

Utilization of resources in such a way that maximizes the production of goods and services at lowest cost.