In: Operations Management
Observation |
Price |
Dinners Sold |
1 |
$2.70 |
760 |
2 |
$3.50 |
510 |
3 |
$2.00 |
980 |
4 |
$4.20 |
250 |
5 |
$3.10 |
320 |
6 |
$4.05 |
480 |
Based on the reported historical data above, determine the following.
(a) Regression Equation => y = 1454.1515 - 277.4918x
(b) Correlation coefficient = 0.8434
Coefficient of determination = 0.7113
(c) At price of $3, Ajmal Crunchy Chicken would be able to sell approximately 622 dinners.
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