Plot and Interpret the Appropriate Scatter Diagram

question 170

Essay

Plot and interpret the appropriate scatter diagram.
-The table shows the study times and test scores for a number of students. Draw a scatter plot of score versus time
treating time as the independent variable. $$\begin{array} { l | c c c c c c c c } \text { Study Time } ( \mathrm { min } ) & 9 & 16 & 21 & 26 & 33 & 36 & 40 & 47 \\\hline \text { Test Score } & 59 & 61 & 64 & 65 & 73 & 74 & 78 & 78\end{array}$$

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Definitions:

Elastic

Describes a situation where the quantity demanded or supplied of a good or service significantly changes in response to price changes.

Cartel's Product

The goods or services produced and sold by a cartel, which is an association of independent businesses organized to regulate production, pricing, and marketing of goods.

Price-leadership Model

A market strategy where one leading company sets the price for goods or services, and others in the industry follow suit.

Dominant Firm

A company that has a major share of total sales in a particular market, giving it significant control over market prices and competition.