A study is undertaken about the relationship between price in $ (x) and demand in units (y) for a particular consumer product. The study resulted in the following statistics. Number of observations (n) = 6 Sample mean of x = 2.667 Sample mean of y = 244.67 Sample standard deviation of x = 0.7554 Sample standard deviation of y = 28.20 Correlation coefficient = -0.5828 Standard error of the intercept = 41.77 Standard error of the slope = 15.17 Question 1. Determine the equation of the least squares regression line. Show your complete solutions. Question 2. What demand does the regression model predict for a price of $4? Show your complete solution. ( Question 3. Is there a significant relationship between price and demand at the 0.05 level of significance? Show the six step of the hypothesis testing procedure in your solution. Show your solution for the test statistic 51

MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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Problem 2.
A study is undertaken about the relationship between price in $ (x) and demand in units (y) for a particular
consumer product. The study resulted in the following statistics.
Number of observations (n) = 6
Sample mean of x = 2.667
Sample mean of y = 244.67
Sample standard deviation of x = 0.7554
Sample standard deviation of y = 28.20
Correlation coefficient = -0.5828
Standard error of the intercept = 41.77
Standard error of the slope = 15.17
Question 1.
Determine the equation of the least squares regression line. Show your complete solutions.
Question 2.
What demand does the regression model predict for a price of $4? Show your complete solution. (
Question 3.
Is there a significant relationship between price and demand at the 0.05 level of significance? Show the six steps
of the hypothesis testing procedure in your solution. Show your solution for the test statistica s)
51
Transcribed Image Text:Problem 2. A study is undertaken about the relationship between price in $ (x) and demand in units (y) for a particular consumer product. The study resulted in the following statistics. Number of observations (n) = 6 Sample mean of x = 2.667 Sample mean of y = 244.67 Sample standard deviation of x = 0.7554 Sample standard deviation of y = 28.20 Correlation coefficient = -0.5828 Standard error of the intercept = 41.77 Standard error of the slope = 15.17 Question 1. Determine the equation of the least squares regression line. Show your complete solutions. Question 2. What demand does the regression model predict for a price of $4? Show your complete solution. ( Question 3. Is there a significant relationship between price and demand at the 0.05 level of significance? Show the six steps of the hypothesis testing procedure in your solution. Show your solution for the test statistica s) 51
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