A regression analysis between sales (in $1000) and price (in dollars) resulted in the following equation: $\hat { y }$ = 60 - 8x

The above equation implies that an
A) increase of $1 in price is associated with a decrease of $8 in sales.
B) increase of $8 in price is associated with a decrease of $52,000 in sales.
C) increase of $1 in price is associated with a decrease of $52 in sales.
D) increase of $1 in price is associated with a decrease of $8000 in sales.

Question

A regression analysis between sales (in $1000) and price (in dollars) resulted in the following equation:   $\hat { y }$ = 60 - 8x
 
The above equation implies that an
A) increase of $1 in price is associated with a decrease of $8 in sales.
B) increase of $8 in price is associated with a decrease of $52,000 in sales.
C) increase of $1 in price is associated with a decrease of $52 in sales.
D) increase of $1 in price is associated with a decrease of $8000 in sales.

Quizplus · Accepted Answer

The Answer of A regression analysis between sales (in $1000) and price (in dollars) resulted in the following equation:   $\hat { y }$ = 60 - 8x
 
The above equation implies that an
A) increase of $1 in price is associated with a decrease of $8 in sales.
B) increase of $8 in price is associated with a decrease of $52,000 in sales.
C) increase of $1 in price is associated with a decrease of $52 in sales.
D) increase of $1 in price is associated with a decrease of $8000 in sales.

A Regression Analysis Between Sales (In $1000) and Price (In y^\hat { y }y^​

A Regression Analysis Between Sales (In $1000) and Price (In $\hat { y }$