The Pilot Pen Company has decided to use 15 test markets to examine the sensitivity of demand for its new product to various prices, as shown in the following table. Advertising effort was identical in each market. Each market had approximately the same level of business activity and population. Complete the following worksheet and then estimate the demand function for Pilot's new pen using a linear regression model. Test Market Price Charged (cents) Quantity Sold (Thousands of Pens) i Zi Yi Zili 點 2 1 50 20 1,000 2,500 400 2 50 21 1,050 2,500 441 3 55 19 1,045 3,025 361 4 55 19.5 1,072.5 3,025 380.25 5 60 19.5 1,170 3,600 380.25 6 60 19 1,140 3,600 361 7 65 16.5 1,072.5 4,225 272.25 8 65 15 975 4,225 225 9 70 14 980 4,900 196 10 70 15.5 1,085 4,900 240.25 11 80 13 1,040 6,400 169 12 80 14 1,120 6,400 196 13 90 11.5 1,035 8,100 132.25 14 90 11 990 8,100 121 15 40 17 680 1,600 289 Total 980 245.5 67,100 Regression Parameters Estimations Slope (B) Intercept (a) What is the standard error of the estimate (&)? 104.910 1.393 O 1.644 What is the estimate of the standard deviation of the estimated slope (86)? 1.892 © 0.030 ○ 0.025 Can you reject the hypothesis (at the 0.05 level of significance) that there is no relationship (i.e., ẞ=0) between the price and quantity variables? (Hint: to.025,13 = 2.16) ○ No ○ Yes