Consider the Following to Answer the Question(s) Below

question 1

Multiple Choice

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.

-The slope of the estimated regression line that relates the response variable (monthly sales) to the predictor variable (price per kilogram) is

• A) 95.47
• B) 0.858
• C) -4.684
• D) -0.858
• E) -8.999

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Definitions:

Long Run Adjustments

Changes or adaptations made by firms in response to long-term changes in market conditions, where all inputs and production capacities can be varied.

Constant-cost Industry

An industry where the costs of production, including inputs and technology, do not change as the total output of the industry changes.

Long-run Equilibrium

A state in which all aspects of an economy or market are balanced, and all adjustment processes have been completed over time.

Consumer Demand

The desire and ability of consumers to purchase goods and services at given prices within a specific time period.