Costco sells paperback books in their retail stores and wanted to examine the relationship between price and demand. The price of a particular novel was adjusted each week and the weekly sales were recorded in the table below. Sales Price 3 $12 4 $11 10 க $10 $9 10 8 10 $8 $7 Run a regression with sales as the dependent variable. Test the hypothesis that the slope is 0, i.e. that the price has no impact on the sales. What is the t-statistic for your test? Answer to 4 decimal places.

Costco sells paperback books in their retail stores and wanted to examine the relationship between price and demand. The price of a particular novel was adjusted each week and the weekly sales were recorded in the table below. Sales Price 3 $12 4 $11 10 க $10 $9 10 8 10 $8 $7 Run a regression with sales as the dependent variable. Test the hypothesis that the slope is 0, i.e. that the price has no impact on the sales. What is the t-statistic for your test? Answer to 4 decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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