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Question
A regression analysis between sales (in $1000) and price (in dollars) resulted in the following equation
= 50,000 " 8xThe above equation implies that an
a. increase of $1 in price is associated with a decrease of $8 in sales
b. increase of $8 in price is associated with an increase of $8,000 in sales
c. increase of $1 in price is associated with a decrease of $42,000 in sales
d. increase of $1 in price is associated with a decrease of $8000 in sales
Answer
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