The Following Data Represent the Demand (Y) of an Item

question 50

Short Answer

The following data represent the demand (Y) of an item at a local shop and their price (X).
Use the data to determine the simple regression equation of price on demand if the correlation coefficient between x and y is -0.92.

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Definitions:

Mean

The mean of a series of numbers, determined by dividing their total sum by the quantity of numbers in the series.

Confidence Interval

A range of values derived from sample statistics that is likely to contain the true population parameter with a given level of confidence.

Standard Error

A measure of the variability or dispersion of a sample statistic from the population parameter it estimates.

Mean

The average of a set of numerical values, calculated by adding them together and dividing by the number of terms in the set.