Question
In: Statistics and Probability
Suppose that you are the CEO of TrinketsNThings. Your sales operations manager has been experimenting with...
Suppose that you are the CEO of TrinketsNThings. Your sales operations manager has been experimenting with the price of a Trinket [x], in order to see how many Trinkets customers are willing to purchase in a week [y].
She gives you the following dataset:
Price of Trinket $3 $4 $5 $6
# of Trinkets Purchased (thousands) 19 15 12 8
*Calculate Cov(Price , # Purchased)
*Calculate Sx2
*What is the linear relationship between the price and quantity demanded of Trinkets? Calculate the relevant regression coefficient, then interpret this estimate in one or two sentences. For this answer, round to the nearest tenth.
Solutions
Expert Solution
Done the entire above analysis in R.
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orchestra answered 1 year agoRelated Solutions
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