Please help with unanswered questions. Thank you! The Pilot Pen Company has decided to use 15 test markets to examine the sensitivity of demandfor its new product to various prices, as shown in the following table. Advertising effort wasidentical in each market. Each market had approximately the same level of business activity andpopulation.Complete the following worksheet and then estimate the demand function for Pilot's new pen usinga linear regression model.Price ChargedQuantity Sold(Thousands of Pens)Test Market(cents)xịyiXi yiyi?150201,0002,500400250211,0502,50044155191,0453,02536145519.51,072.53,025380.256020.51,2303,600420.256.60191,1403,60036176515.51,007.54,225240.25865159754,2252259.7014.51,0154,900210.25107015.51,0854,900240.251180131,0406,4001691280141,1206,400196139011.51,0358,100132.251490119908,1001211540176801,600289Total98024615,48567,1004,186.5 ▼Regression Parameters EstimationsSlope (B)Intercept (a)-0.191 ▼28.879What is the standard error of the estimate (se )?105.1821.7541.532What is the estimate of the standard deviation of the estimated slope (sh )?0.0281.8970.032Can you reject the hypothesis (at the 0.05 level of significance) that there is no relationship (i.e.,B = 0 ) between the price and quantity variables? (Hint: 10.025,13 2.16NoYes

Name: Please help with unanswered questions. Thank you! The Pilot Pen Compa
Uploaded: 2024-03-20T07:07:37.000Z
Channel: Bartleby
Description: Please help with unanswered questions. Thank you! The Pilot Pen Company has decided to use 15 test markets to examine the sensitivity of demandfor its new product to various prices, as shown in the following table. Advertising effort wasidentical in