Question 19 (2 2 = 4 marks)
The owner of a local grocery store varied the price of a half-kilo loaf of bread for six consecutive weeks. The data below shows the price per loaf for each of these weeks, and the number of loaves sold that week.
Price (x)$0.60$0.62$0.58$0.60$0.64$0.62Loaves sold (y)220200280250190240
You may use the following Excel print-outs or summary statistics provided to answer the questions.
SUMMARY OUTPUT SUMMARY STATISTICSRegression Statistics n =6Multiple R0.855 =0.61R Square0.731 ȳ =230Adjusted R Square0.663 s²x =0.00044Standard Error19.424 s²y =1120Observations6 sxy =-0.6 CoefficientsStandard Errort StatP-valueIntercept1061.818252.7324.2010.014Price-1363.636414.111-3.2930.030
(a) Determine the estimated regression equation that can be used to predict the number of loaves sold given the price.
(b) Predict the number of loaves sold at a price of $0.65.