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 $C _ { 4,1 }$ ?
$\begin{array}{llll} &{\text { Number of Items Sold }} \\& \text { Low } & \text { Medium } & \text { Hight } \\\text { Mon } & 18 & 14 & 3 \\\text { Tues } & 14 & 13 & 6 \\\text { Wed } & 18 & 19 & 5 \\\text { Thurs } & 27 & 23 & 11 \\\text { Fri } & 34 & 27 & 12\end{array}$

---

Definitions:

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a product and the actual price they do pay.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market prices being higher.

Total Benefits

The complete set of advantages, monetary or otherwise, received from the consumption or use of a good or service.

Textile Industry

A sector of the economy focused on the production of yarn, cloth, and clothing, and the various processes involved in the manufacture of textiles.