According to basic economics, as the demand for a product increases, the price will decrease. Listed below

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According to basic economics, as the demand for a product increases, the price will decrease. Listed below is the number of units demanded and the price:

Demand 
Price
$120
90
80
12 
70
16 
50
21 
45
27 
31
35 
30
45 
25
60 
21

a. Determine the correlation between price and demand. Plot the data in a scatter diagram. Does the relationship seem to be linear?
b. Determine the standard error of estimate.

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Related Book For  answer-question

Basic Statistics For Business & Economics

ISBN: 9781259268939

6th Canadian Edition

Authors: Douglas A. Lind, William G Marchal, Samuel A. Wathen, Carol Ann Waite

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