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Correlation & Regression: A Seafood Restaurant

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The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. Experimenting with prices produced the following data:
Average Number Sold per Day, y Price, x
200 $6.00
190 6.50
188 6.75
180 7.00
170 7.25
162 7.50
160 8.00
155 8.25
156 8.50
148 8.75
140 9.00
133 9.25

a) Plot the data and a regression line on the same graph.
b) Determine the correlation coefficient and interpret it.

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Solution Summary

The solution provides step by step method for the calculation of regression equation and correlation coefficient. Graph, formula for the calculation and Interpretations of the results are also included.

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