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Question
A company has recorded data on the weekly sales for its product (y) and the unit price of the competitor's product (x). The data resulting from a random sample of 7 weeks follows. Use Excel to develop a scatter diagram and to compute the least squares estimated regression equation and the coefficient of determination.| Week | Price | Sales |
| 1 | .33 | 20 |
| 2 | .25 | 14 |
| 3 | .44 | 22 |
| 4 | .40 | 21 |
| 5 | .35 | 16 |
| 6 | .39 | 19 |
| 7 | .29 | 15 |
We are interested in determining the relationship between daily supply (y) and the unit price (x) for a particular item. A sample of ten days supply and associated price resulted in the following data.
 x = 66 | x2= 526 | y = 71 | y2= 605 | xy = 557 |
a. Develop the least square estimated regression equation.
b. Compute the coefficient of determination and fully explain its meaning.
c. At
= 0.05, perform a t-test and determine if the slope is significantly different from zero.Answer
This answer is hidden. It contains 105 characters.
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