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Question 1 The following data gives X, the price charged per piece of plywood and Y, the quantity sold (in thousands).
Price per Piece, X Thousands of Pieces Sold, Y$6 80 $7 60 $8 70 $9 40
$10 0
a) Prepare a scatter plot of these data points. b) Compute the covariance.c) Compute and interpret b1. d) Compute b0.e) What quantity of plywood would we expect to sell if the price was $7 per piece?
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