The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. ...

The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. ...

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

190 6.75 190 7.00 191 7.25 184 7.50 179 7.75 

Determine the correlation coefficient and interpret it. (Include the negative sign, as appropriate, directly before the value. Enter your "r" answer to 4 decimal places. Enter your first "r2" answer as a proportion (between 0 and 1) and to 2 decimal places. Then enter the next answer as the percentage equivalent to the nearest whole number percent. Omit the "%" sign in your response.)

r = implies a (Click to select) positive negative 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 not is a good predictor of sales.