Question: Industrial Engineering Production Control Question W 3. (12 points) The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners.

Industrial Engineering

Production Control Question

W 3. (12 points) The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. Experimenting with prices produced the following data: Average Observation Price number sold 6.00 158 6.50 159 6.75 154 7.00 134 7.25 131 7.75 129 8.00 118 8.25 8.50 8.75 9.00 9.25 REH00 SEE 79 a. (2 points) Plot the graph for the relationship between price and number of dinners sold. (Hint: Use scatter plot.) b. (3 points) Determine the square of the correlation coefficient. Does it appear that a relationship between these variables will yield good predictions? Explain. (3 points) What is the value of correlation? Is there a positive or negative correlation? Is there a strong or weak correlation between the two variables? d. (2 points) Obtain a regression line for the data. e. (2 points) Predict the expected lobster dinner sales, given the price is $7.50

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