Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based onhistorical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values:DPrice$2.60$3.40$1.90$4.20$3.10$4.10Number Sold760510975240315475Using simple linear regression and given that the price per cup is $1.80, the forecasted demand for mocha latte coffees will becups

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Answered: Café Michigan's manager, Gary Stark,…

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter14: Pricing Strategies

Section14.2: Forecasting Demand

Problem 1LO

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Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price Number Sold $2.70 760 $3.50 510 $2.00 980 $4.20 250 $3.10 320 $4.05 480 a. Using these data, how many mocha latte coffees would be forecast to be sold according to simple linear regression if the price per cup were $2.80? [Select] What is the MAD? [Select] c. What is the Coefficient of Determination? [Select] [Select] 9 and what does that tell you?
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