The following data represent the number of flash drives sold per day at a local computer shop and their prices.
Price (x) Units Sold (y)
$34 3
36 4
32 6
35 5
30 9
38 2
40 1
a.
Develop a least-squares regression line and explain what the slope of the line indicates.
b.
Compute the coefficient of determination and comment on the strength of relationship between x and y.
c.
Compute the sample correlation coefficient between the price and the number of flash drives sold. Use alpha= 0.01 to test the relationship between x and y.