Question

In: Operations Management

Observation Price Dinners Sold 1 $2.70 760 2 $3.50 510 3 $2.00 980 4 $4.20 250...

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.

  1. Regression equation
  2. Correlation coefficient and coefficient of determination.
  3. How many dinners can Ajman Crunchy Chicken expect to sell at $3.00 each?

Solutions

Expert Solution

(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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