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.

Hope the above answer has helped you in understanding the problem. Please upvote the ans if it has really helped you. Good Luck!!

orchestra answered 1 year ago

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