Consider the Following to Answer the Question(s) Below

question 28

Essay

Consider the following to answer the question(s) below:
A small independent organic food store offers a variety of specialty coffees. To determine whether price has an impact on sales, the managers kept track of how many kilograms of each variety of coffee were sold last month. The data, scatterplot, and summary statistics are shown below.

-Use the estimated regression equation to answer the following questions.
a. Estimate the monthly sales for a variety of coffee that costs $20.00 per kilogram.
b. How confident should you be in this estimate? Explain.

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Definitions:

Bar Chart

A graphical display that uses bars of different heights or lengths to represent data values of various categories for comparison.

Nominal Variable

A type of categorical variable with distinct categories that do not have a specific order or ranking.

Final Grade

The comprehensive evaluation of a student's performance in a course, typically expressed as a letter grade or percentage.

Ordinal Variable

An ordinal variable is a type of categorical data with a set order or scale but without a precise distance between its categories.