A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price o
Question: A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price of their product. To do this, the company randomly chooses 6 small cities and offers the candy bar at different prices. Using candy bar sales as the dependent variable, the company will conduct a simple linear regression on the data below:
| City | Price ($) | Sales |
| River Falls | 1.30 | 100 |
| Hudson | 1.60 | 90 |
| Ellisworth | 1.80 | 90 |
| Prescott | 2.00 | 40 |
| Rock Elm | 2.40 | 38 |
| Stillwater | 2.90 | 32 |
Using the table above solve for the following questions:
What is the estimated average change in the sales of the candy bar if price goes up $1.00?
What percent of the total variation in candy bar sales is explained by prices?
Price: $2.99
Answer: The solution consists of 3 pages
Deliverables: Word Document
Deliverables: Word Document
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Math Solutions
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Math and Statistics Solutions
