A Store Manager Wants to Determine If There Is a Relationship

question 3

Short Answer

A store manager wants to determine if there is a relationship between the day of sale and the price of the item for the number of items sold. The following data was obtained. What is the expected value for $C _ { 4,1 }$ ?
$\begin{array}{llll} &{\text { Number of Items Sold }} \\& \text { Low } & \text { Medium } & \text { Hight } \\\text { Mon } & 18 & 14 & 3 \\\text { Tues } & 14 & 13 & 6 \\\text { Wed } & 18 & 19 & 5 \\\text { Thurs } & 27 & 23 & 11 \\\text { Fri } & 34 & 27 & 12\end{array}$

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Definitions:

Supply

The overall quantity of a particular product or service accessible to buyers.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to market balance.

Leather

A durable and flexible material created by tanning animal hides, used in making clothing, furniture, and various goods.