Question

The file Maos Palace Data.xlsx contains data on the price of bowls and demand for bowls, soda and beer at Mao’s Palace Restaurant over a number of days.

Draw a scatter plot with Bowl Price on the X-axis and demand for bowls, soda and beer on the Y-axis. Add a trendline to each plot. Based on the trendline, demand for which product is (a) most impacted by the Bowl price, (b) least impacted by the Bowl price? Show the scatter plot and write the answer above it.

Answer 1

To answer the question, create a scatterplot of Bowl Price and demand for bowls, soda, and beer, and add trendlines. Determine the most and least impacted product by analyzing the slope of the trendlines.

Step-by-step explanation:

Scatter Plot

To create a scatter plot, you will need to plot the Bowl Price on the X-axis and the demand for bowls, soda, and beer on the Y-axis. Each data point will represent a specific day's price and demand.

Trendlines

You should also add a trendline to each plot. A trendline is a line that best fits the data points and shows the general direction or pattern of the data.

Most and Least Impacted Product

Based on the trendline, you can determine which product is most impacted and least impacted by the Bowl price. This can be done by looking at the slope or steepness of the trendlines. If the slope is steeper, it means that the demand for that product is more affected by the Bowl price.

Show the scatter plot and write the answer above it.