A Regression Analysis Between Sales (In $1000) and Price (In $\hat { y }$

Multiple Choice

A regression analysis between sales (in $1000) and price (in dollars) resulted in the following equation: $\hat { y }$ = 60 - 8x

The 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 a decrease of $52,000 in sales.
C) increase of $1 in price is associated with a decrease of $52 in sales.
D) increase of $1 in price is associated with a decrease of $8000 in sales.