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 seven 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 0.33 20 23 4565 0.25 14 0.44 22 0.40 21 0.35 16 0.39 19 7 0.29 15

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.3: Simple Regression Models
Problem 6P: Do the sales prices of houses in a given community vary systematically with their sizes (as measured...
icon
Related questions
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 seven 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
0.33
20
23 4565
0.25
14
0.44
22
0.40
21
0.35
16
0.39
19
7
0.29
15
Transcribed Image Text: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 seven 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 0.33 20 23 4565 0.25 14 0.44 22 0.40 21 0.35 16 0.39 19 7 0.29 15
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,