The Manager of an Ice Cream Store Is Interested in Examining

question 70

Short Answer

The manager of an ice cream store is interested in examining the relationship between sales of ice cream (in gallons per day) and maximum temperature of the day. The vendor records the following data for a random sample of five days in the summer, where y is number of gallons of ice cream sold per day and x is maximum temperature, in degrees Fahrenheit, recorded for the day: The following summary information were computed: Find and interpret the correlation between maximum daily temperature and daily sales of ice cream.
S_yy = ______________
What is the correlation coefficient?
r = ______________
There is ______________ linear relationship between daily sales of ice cream and maximum daily temperature.

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Definitions:

Creditworthy Customers

Clients deemed capable of paying back credit extended to them due to their solid financial standing.

Prompt Payment

The act of settling a transaction or invoice on or before the due date.

Financing Cost

The interest and other costs incurred by a company to borrow funds or access other forms of financing.

Bad Debt

Money owed to a company that is not expected to be paid by the debtor, often leading to a write-off.