The Following Data Represent the Number of Flash Drives Sold $\alpha$

question 53

Essay

The following data represent the number of flash drives sold per day at a local computer shop and their prices.

a.Develop a least-squares regression line and explain what the slope of the line indicates.
b.Compute the coefficient of determination and comment on the strength of relationship between x and y.
c.Compute the sample correlation coefficient between the price and the number of flash drives sold. Use $\alpha$ = 0.01 to test the relationship between x and y.

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Definitions:

Short Run

A period in which at least one input or resource is fixed, limiting the capacity to adjust all factors of production.

Increasing Returns

The situation in which output increases by a larger proportion than the increase in inputs used in production.

Workers

Individuals who perform tasks or work for compensation, typically within the structure of employment by organizations or companies.

Marginal Product

The increase in output that results from employing one more unit of a particular input, holding all other inputs constant.