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Coffee Palaces manager, Joe Felan, suspects that demand for mocha latte coffees depends on the price being charged. Based on

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Coffee Palace’s manager, Joe Felan, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Joe has gathered the following data, which show the numbers of these coffees sold over six different price values:
Price Number Sold
$2.70 ......... 760
$3.50 ......... 510
$2.00 ......... 980
$4.20 ......... 250
$3.10 ......... 320
$405 ......... 480
Using these data, how many mocha latte coffees would be forecast to be sold according to simple linear regression if the price per cup were $2.80?

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Then y a b x where y number sold x price and So at x 2 80 …View the full answer


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Question Posted: July 15, 2013 04:45:56
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