The following data give X, the price charged per piece of plywood, and Y, the quantity sold (in thousands).
Price per Piece, X Thousands of Pieces Sold, Y
$6 ................80
7 ................60
8 ................70
9 ................40
10 ................. 0
a. Prepare a scatter plot of these data points.
b. Compute the covariance.
c. Compute and interpret b1.
d. Compute b0.
e. What quantity of plywood would you expect to sell if the price were $7 per piece?