Essay
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. 
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 = 0.05.
d.Would the demand ever reach zero? If yes, at what price would the demand be zero?
Correct Answer:
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a.
= 12.138 - 0.6277X
b.R2 = 0...View Answer
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Correct Answer:
Verified
= 12.138 - 0.6277Xb.R2 = 0...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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