Question

To determine whether price has an impact on sales of specialty coffees, the managers kept track of how many pounds of each variety of coffee were sold last month.

PRICE PER POUND POUNDS SOLD
Mean $8.75 4.50 lb
Standard Deviation $3.63 18.33 lb
Correlation r -.927

a. The response variable is__________ and the explanatory variable is_________
b. Based on the statistics shown above, the slope of the estimated regression line that relates the response variable to the predictor variable is:______

i. 0.846.
ii. -4.681
ii. -0.858.
iv. 45.459
v. -8.999.

Answer 1

A. Response Variable is POUND SOLD Explanatory variable is PRICE PER POUND

B. ii. -4.681

Explanation:

A. Based on the statistics that was shown in the given information above the:

Response Variable is POUND SOLD Explanatory variable is PRICE PER POUND

B. Calculation to determine slope of the estimated regression line that relates the response variable to the predictor variable

Using this formula

Slope =r*Sy/Sx

Let plug in the formula

Slope=-0.927*18.33/3.63

Slope=-16.99191/3.63

Slope=-4.681

Therefore , the slope of the estimated regression line that relates the response variable to the predictor variable is: -4.681