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 = 0.01 to test the relationship between x and y.
Definitions:
Distributor
An intermediary entity between the producer of a product and another entity in the distribution channel or supply chain, such as a retailer or end consumer.
Manufacturer Profit
The financial gain a manufacturing company obtains from producing and selling its goods, calculated by subtracting costs from revenue.
Retailer Profit
The financial gain that a retailer earns from selling products or services, after subtracting the costs of purchasing or producing those items.
Short Term
A period of time that is immediate or not very long, often referring to plans or investments spanning a few months to a year.
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