The manager of a seafood restaurant was asked to establish a pricing policy on l

Question

The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. Experimenting with prices produced the following data:

Average Number

Sold per Day, y               Price, x

        240                           $5.00   

        233                             5.25

        225                             5.50

        216                             5.75

        211                             6.00

        204                             6.25

        196                             6.50

  r = implies a (Click to select)positivenegative relationship between price and demand.   r2 = . It appears that approximately % of the variation in sales can be accounted for by the price of our product. This indicates that price (Click to select)is notis a good predictor of sales.

Explanation / Answer

this is a almost similar exmple

i hope it helps you

http://in.answers.yahoo.com/question/index?qid=20110826020625AAp4TNA

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