Elsie bought a video game for $85.00. If the store charges 170% of its cost for the game, how much is the store’s profit?
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Answer:
We have to find the equation of least squares regression line in order to find the number of ice cream cones that the shopkeeper to sell if the temperature is 106 degrees. We can use excel regression data analysis tool to find the equation of the regression line. The excel output is attached here.
The equation of the least squares regression line is:
Now, if the temperature is 106 degrees, then the number of cones expected to be sold is given below:
Therefore, the number of ice cream cones that the shopkeeper would expect to sell if the temperature is 106 degrees is 585.
