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Regression Analysis problem

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)

Solution Summary

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

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