A store manager wants to know the demand for a product as a function of the price.
Question:
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(a) Find the least squares regression line y = ax + b for the data by solving the system
-2.png)
For a and b. Use a graphing utility to confirm the result.
(b) Use the linear model from part (a) to predict the demand when the price is $1.75.
One way to find the least squares regression line y ax b for a set of points (x1, y1), (x2, y2) . . . (xn, yn) is by solving the system below for a and b.
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Step by Step Answer:
a Solve Equation 1 for b b 35 3703 a Substitute this into Equation 2 to elimi...View the full answer
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