what percentage of the total variation in candy bar sales is explained by prices? a. 88.54% b. 48.19% c. 78.39% d. 100%

The correct option is c. 78.39%.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question. See the attached pdf file for the complete question.

The explanation to the answer is now given as follows:

In regression model, R-squared (R^2) is the statistical measure that shows the percentage of the total variation a dependent variable that is explained by an independent variable(s).

From the question, the candy bar sales is the dependent variable while the Price is the independent variable.

Therefore, the R^2 is calculated using the RSQ function in the Microsoft excel.

Note: See the attached excel file for the calculation of the R^2 using the RSQ function.

For the data in the excel, the R^2 is calculated by simply typing =RSQ(C3:C8,B3:B8) anywhere in the attached excel file. This gives 0.7839. Converting this to a percentage gives 78.39%.

Therefore, percentage of the total variation in candy bar sales explained by prices is 78.39%. The correct option is c. 78.39%.

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