Question 19 (2 + 2 = 4 marks)

The owner of a local grocery store varied the price of a half-kilo loaf of bread for six consecutive weeks. The data below shows the price per loaf for each of these weeks, and the number of loaves sold that week.

Price (x)	$0.60	$0.62	$0.58	$0.60	$0.64	$0.62
Loaves sold (y)	220	200	280	250	190	240

You may use the following Excel print-outs or summary statistics provided to answer the questions.

SUMMARY OUTPUT			SUMMARY STATISTICS
Regression Statistics		n =	6
Multiple R	0.855		=	0.61
R Square	0.731		y =	230
Adjusted R Square	0.663		sx =	0.00044
Standard Error	19.424		sy =	1120
Observations	6		sxy =	-0.6
	Coefficients	Standard Error	t Stat	P-value
Intercept	1061.818	252.732	4.201	0.014
Price	-1363.636	414.111	-3.293	0.030

(a) Determine theestimated regression equation that can be used to predict the number of loaves sold given the price.

(b) Predict the number of loaves sold at a price of $0.65.