The fitted regression is Sales = 920 - 27.5 Price.(0-1) If Price = 1, what is the prediction for Sales? (Round your answer to 1 decimal place.)Sales(a-2) Choose the correct statement.A decrease in price decreases sales.O An increase in price increases sales.O An increase in price decreases sales.(b) If Price = 23, what is the prediction for Sales? (Round your answer to the nearest whole number.)Sales(c) Choose the right option.The intercept is meaningful as sales will be maximized when price is zero.O The intercept is not meaningful as a zero price is both unrealistic and unobserved.

Answered: The fitted regression is Sales =…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The fitted regression is Sales = 920-27.5 Price. (a-1) If Price = 1, what is the prediction for Sales? (Round your answer to 1 decimal place.) Sales (a-2) Choose the correct statement.