2. Consider the data set from question #1.a) Perform a linear regression for graphs #1a) and #1d). Plot both functions on the same grid. Be sure to label the models and include the correlation coefficient for both graphs.b) Calculate the point of intersection and explain what it means in this scenario. Round the coordinates to 2 decimal places.c) What is likely to happen if the widget price is set: i) above the intersection point? ii) below the intersection point?

it's of your Word document to submit. Good luck! Mark / 30 1. Application and Thinking The table below shows the supply and demand for widgets at various selling price points. The demand represents the number of widgets expected to sell at a certain price. The supply represents the number that can be produced at a certain price. Price ($ ) 10 Quantity Demanded Quantity Supplied 11 18 8 12 17 9 13 15 11 14 14 12 12 15 14 10 16 16 9 17 [2] a) Create a scatter plot of price versus widget quantity demanded. Note: In economics, the independent variable is usually plotted on the vertical axis and the dependent variable on the horizontal axis, contrary to the mathematical convention. b) Describe the correlation. [1] It is a string negative relationship between Quantity demand and price c) Indicate the type of casual relationship most likely in the above scenario and explain why. 2] Cause and effect relationship, there is demand it will decrease increases, then Quantity. will decrease beca Scatter plot of price versus widget quantity supplied. e) Describe the correlation. this is a strong positive relationship between price and quantity supplied. f) Identify the independent and dependent variables for this graph and explain your reasoning. independent variable Quantity Supplied Dependent Variable. Price