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Suppose a store manager wants to know the demand y for an energy bar as a function of price x. The daily sales for three different prices of the energy bar are shown in the table. Determine the least squares regression line for the data using the regression capabilities of a graphing utility, and then use this model to estimate the demand when the price is $1.59.
Explanatory Variable
A variable that is manipulated or categorized to observe its effect on a response variable.
Gross Sales
The total revenue generated from sales before any deductions are made for returns, discounts, or allowances.
Response Variable
The outcome variable on which comparisons are made, often dependent on the predictor or independent variables in a study.
Fuel Economy
A measure of how far a vehicle can travel on a given amount of fuel, often expressed in miles per gallon or liters per 100 kilometers.
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