Shown below is a portion of a computer output for regression analysis relating Y (demand) and X(unit price).   ANOVA                                      Df                           SS Regression                1               Error                                                    3132.661        Total                          47                     8181.479                                 Coefficients          Standard Error Intercept                80.390                  3.102 X                               -2.137                  0.248     Compute the coefficient of determination and fully interpret its meaning. Be very specific. Find the standard error for b1(Sb1). Perform a t test and determine whether or not demand and unit price are related. Let significance level= 0.05. Perform an F test and determine whether or not demand and unit price are related. Let significance level= 0.05.

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Shown below is a portion of a computer output for regression analysis relating Y (demand) and X(unit price).

 

ANOVA

 

                                   Df                           SS

Regression                1              

Error                                                    3132.661       

Total                          47                     8181.479

 

                              Coefficients          Standard Error

Intercept                80.390                  3.102

X                               -2.137                  0.248

 

 

  1. Compute the coefficient of determination and fully interpret its meaning. Be very specific.
  2. Find the standard error for b1(Sb1).
  3. Perform a t test and determine whether or not demand and unit price are related. Let significance level= 0.05.
  4. Perform an F test and determine whether or not demand and unit price are related. Let significance level= 0.05.
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