eco5_finalexam

# eco5_finalexam - I. Jn believes that the sales of coffee at...

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I. Jn believes that the sales of coffee at his coffee shop depend upon the weather. He has taken a sample of 6 days. Below you are given the results of the sample. Cups of Coffee Sold Temperature 350 50 200 60 210 70 100 80 60 90 40 100 a. Which variable is the dependent variable? b. Compute the least squares estimated line. c. Compute the correlation coefficient between temperature and the sales of coffee. d. Is there a significant relationship between the sales of coffee and temperature? Use a .05 level of significance. Be sure to state the null and alternative hypotheses. e. Predict sales of a 90 degree day. A company has recorded data on the daily demand for its product (Y in thousands of units) and the unit price (X in hundreds of dollars). A sample of 15 days demand and associated prices resulted in the following data. Σ X = 75 Σ ( 29 ( 29 X X Y Y - - = -59 Σ Y = 135 Σ ( 29 2 X X - = 94 Σ ( 29 2 Y Y - = 100 SSE = 62.9681 a. Using the above information, develop the least-squares estimated regression line and write the equation. b.

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## eco5_finalexam - I. Jn believes that the sales of coffee at...

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