The following data represent the number of flash drives sold per day at a local computer...

The following data represent the number of flash drives sold per day at a local computer shop and their prices.

Price (x) Units Sold (y)
$34                4
36                  4
32    6
35                  5
31                  9
38                  2
39                  1

You may use Excel for solving this problem.

Compute the sample correlation coefficient between the price and the number of flash drives sold.
Develop a least-squares estimated regression line.
Compute the coefficient of determination and explain its meaning.
Test to see if x and y are significantly related. Use a significance level of α = 0.01.

Expert Solution

milcah answered 8 months ago

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