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    Regression Analysis problem

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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:

    Avg # Sold per Day (y) Price (x) Avg # Sold per Day (y) Price (x)

    200 $6.00 155 $8.25
    190 6.50 156 8.50
    188 6.75 148 8.75
    180 7.00 140 9.00
    170 7.25 133 9.25
    162 7.50
    160 8.00

    A) Plot the data and a regression line on the same graph (please show all steps, work, and formula)
    B) Determine the correlation coefficient and interpret it (please show all work, steps, formulas)

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    Solution Summary

    This posting solves the following problem on regression analysis using a scatter plot.