Consider the following to answer the question(s) below:
A small independent organic food store offers a variety of specialty coffees. To determine whether price has an impact on sales, the managers kept track of how many kilograms of each variety of coffee were sold last month. The data, scatterplot, and summary statistics are shown below.

-Use the estimated regression equation to answer the following questions.
a. Estimate the monthly sales for a variety of coffee that costs $12.00 per kilogram.
b. What is the residual for this estimate? What does it mean?

Question

Consider the following to answer the question(s) below:
A small independent organic food store offers a variety of specialty coffees. To determine whether price has an impact on sales, the managers kept track of how many kilograms of each variety of coffee were sold last month. The data, scatterplot, and summary statistics are shown below.
  
-Use the estimated regression equation to answer the following questions.
a. Estimate the monthly sales for a variety of coffee that costs $12.00 per kilogram.
b. What is the residual for this estimate? What does it mean?

Quizplus · Accepted Answer

The Answer of Consider the following to answer the question(s) below:
A small independent organic food store offers a variety of specialty coffees. To determine whether price has an impact on sales, the managers kept track of how many kilograms of each variety of coffee were sold last month. The data, scatterplot, and summary statistics are shown below.
  
-Use the estimated regression equation to answer the following questions.
a. Estimate the monthly sales for a variety of coffee that costs $12.00 per kilogram.
b. What is the residual for this estimate? What does it mean?

Consider the Following to Answer the Question(s) Below