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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.

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