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Question
A company has recorded data on the daily demand for its product (y in thousands of units) and the unit price (x in hundreds of dollars). A sample of 15 days demand and associated prices resulted in the following data. x = 75 | x 2 = 469 | y = 135 | y 2 = 1315 | x y = 616 |
a. Using the above information, develop the least-squares estimated regression line and write the equation.
b. Compute the coefficient of determination.
c. Perform an Ftest and determine whether or not there is a significant relationship between demand and unit price. Let
= 0.05.d. Would the demand ever reach zero? If yes, at what price would the demand be zero?
Answer
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