Answered Essay: The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners.

The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. The manager intends to use the pricing $/Lb to predict the lobster sales on each day. The pertinent historical data are collected as shown in the table. Answer the following questions.

A) x = independent variable. According to this problem, the ∑x =

B) r is the coefficent of correlation. use the r equation to compute the value of the denominator part of the equation. The value for the r denominator =

C) Acccording the this problem the correalation of coeffiecent, r, between the two pertinent variables is =

D) The correlation strength bewtween any two variables can be described as strong, weak, or no correlation. The correlation strength for this problem can be described as_________ correlation

E) The correlation direction between any two variables can be described as direct or indirect relationship. The correlation direction for this problem can be described as ___________ relationship.

F) Regarless, you were told to use the associative forecasting method to predict the expected lobster sale. If the lobster price =$8.58, the expected number of lobster sold =

Day Lobsters Sold/Day Price ($/lb)
1 181 8.2
2 177 8.2
3 171 7.4
4 187 6.3
5 165 7.6
6 167 6.7
7 165 8.9

Expert Answer

Answer

n= 7
X Y X^2 XY
Day Price ($/lb) Lobsters Sold/Day
1 8.2 181 67.2 1484.2
2 8.2 177 67.2 1451.4
3 7.4 171 54.8 1265.4
4 6.3 187 39.7 1178.1
5 7.6 165 57.8 1254
6 6.7 167 44.9 1118.9
7 8.9 165 79.2 1468.5
Sum 53.3 1213 411 9221
a = 197.3
b = -3.16
Y = a+ bX
Y = 197.3+ (-3.16) X

n= 7
X Y X^2 XY Y^2
Day Price ($/lb) Lobsters Sold/Day
1 8.2 181 67.2 1484.2 32761
2 8.2 177 67.2 1451.4 31329
3 7.4 171 54.8 1265.4 29241
4 6.3 187 39.7 1178.1 34969
5 7.6 165 57.8 1254 27225
6 6.7 167 44.9 1118.9 27889
7 8.9 165 79.2 1468.5 27225
Sum 53.3 1213 411 9221 210639
Numerator -109.4
Denominator 327.9063281
r -0.333631866
A) x = independent variable. According to this problem, the ∑x = 53.3
B) r is the coefficent of correlation. use the r equation to compute the value of the denominator part of the equation. The value for the r denominator = 327.906
C) Acccording the this problem the correalation of coeffiecent, r, between the two pertinent variables is = -0.3336
D) The correlation strength bewtween any two variables can be described as strong, weak, or no correlation. The correlation strength for this problem can be described as_________ correlation Weak
E) The correlation direction between any two variables can be described as direct or indirect relationship. The correlation direction for this problem can be described as ___________ relationship. Indirect
F) Regarless, you were told to use the associative forecasting method to predict the expected lobster sale. If the lobster price =$8.58, the expected number of lobster sold = 170.187 Y = 197.3+ (-3.16) X, for x8.58
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