The following data give X, the price charged per piece of plywood, and Y, the quantity sold (in thousands).

a. Prepare a scatter plot of these data points.

b. Compute the covariance.

c. Compute and interpret b₁.

d. Compute b₀.

e. What quantity of plywood would you expect to sell if the price were $7 per piece?

Transcribed Image Text:

Price per Piece, X $6 7 8 9 10 Thousands of Pieces Sold, Y 80 60 70 40 0