For 10 observations on price (p) and supply (S) the following data were obtained (in appropriate units): Σρ- 130, ES = 220, Σp-2,288 Σ-5,506, ΣpS-3,467 , Ν= 10 Obtain the line of regression of S on p and estimate the supply when the price is 16 units, and find out the standard error of the estimate.

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For 10 observations on price (p) and supply (S) the following data were obtained (in
appropriate units):
Σρ- 130, ES -220, Σp-2,288
Σ-5,506, ΣpS-3,467, Ν= 10
Obtain the line of regression of S on p and estimate the supply when the price is 16 units, and find out
the standard error of the estimate.
Transcribed Image Text:For 10 observations on price (p) and supply (S) the following data were obtained (in appropriate units): Σρ- 130, ES -220, Σp-2,288 Σ-5,506, ΣpS-3,467, Ν= 10 Obtain the line of regression of S on p and estimate the supply when the price is 16 units, and find out the standard error of the estimate.
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