25. The manager of a seafood restaurant was asked to establish a pricing policy on lobster...

 

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25. 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 Average Number Sold per Day, y Price, x 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. b. Determine the correlation coefficient and interpret it. 25. 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 Average Number Sold per Day, y Price, x 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. b. Determine the correlation coefficient and interpret it.