Law of Supply: You will need to use software to answer these questions The Law o
ID: 2936149 • Letter: L
Question
Law of Supply: You will need to use software to answer these questions The Law of Supply states that an increase in price will result in an increase in the quantity supplšed (assuming all other factors remain unchanged). Below is the scatterplot, regression line, and corresponding data for price (x) -vs-quantity supplied () Supply Data index Price (s) Supply( 3.00 4,00 4.25 304 244 542 355 385 1200 5.00 5.00 6.75 8.00 8.00 9.50 672 1005 1069 24 10 12 Price per item tin dollars) You should be able to copy and paste the data by highlighting the entire table. Answer the following questions regarding the relationship (a) Using all 12 data pairs for x and y, calculate the correlation coefficient. Round your answer to 3 decimal places (b) Is there a significant linear correlation between these variables? O Yes No (c) Use software to find the regression equation. What is the slope and y-intercept? Round each answer to one decimal place. slope equation to estimate the quantity supplied if the price is set at $5.00. Round your answer to the nearest whole number. units (d) Use ther Additional Materials eBookExplanation / Answer
a) For a given data
Correlation Coefficient
r=0.924
b)
There is significant linear correlation between the variables.
c)
Regression equation
Slope = 122.1
Intercept = -133.6
d)
for x=5
y=-133.5 + 122.1(5)
y = 477 units
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