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.

\Sigma

X = 75

\Sigma

Y- $A company has recorded data on the daily demand for its product (Y in thousands of units) and the unit price (X in hundreds of dollars). A sample of 15 days demand and associated prices resulted in the following data. \Sigma X = 75 \Sigma Y- ) \Sigma X- ) = -59 \Sigma Y = 135 \Sigma X- )2 = 94 \Sigma Y- )2 = 100 SSE = 62.9681 a.Using the above information, develop the least-squares estimated regression line and write the equation. b.Compute the coefficient of determination. c.Perform an F test and determine whether or not there is a significant relationship between demand and unit price. Let \alpha = 0.05. d.Would the demand ever reach zero? If yes, at what price would the demand be zero?$ )

\Sigma

X- $A company has recorded data on the daily demand for its product (Y in thousands of units) and the unit price (X in hundreds of dollars). A sample of 15 days demand and associated prices resulted in the following data. \Sigma X = 75 \Sigma Y- ) \Sigma X- ) = -59 \Sigma Y = 135 \Sigma X- )2 = 94 \Sigma Y- )2 = 100 SSE = 62.9681 a.Using the above information, develop the least-squares estimated regression line and write the equation. b.Compute the coefficient of determination. c.Perform an F test and determine whether or not there is a significant relationship between demand and unit price. Let \alpha = 0.05. d.Would the demand ever reach zero? If yes, at what price would the demand be zero?$ ) = -59

\Sigma

Y = 135

\Sigma

\Sigma

\alpha

= 0.05.
d.Would the demand ever reach zero? If yes, at what price would the demand be zero?

Exhibit 14-7 You Are Given the Following Information About Y and X

Multiple Choice

Correct Answer:VerifiedUnlock this answer nowGet Access to more Verified Answers free of chargeAccess For Free

Correct Answer:
Verified
Unlock this answer now
Get Access to more Verified Answers free of charge