A company has recorded data on the daily demand for its product (y in thousands of units) and the unit price (x in hundreds of dollars).A sample of 15 days demand and associated prices resulted in the following data. $$\begin{array} { l l }
\Sigma x = 75 & \Sigma ( y - y ) ( x - x ) = - 59 \
\Sigma y = 135 & \sum ( x - \bar { x } ) ^ { 2 } = 94 \
\Sigma ( y - y ) ^ { 2 } = 100 & \
\mathrm { SSE } = 62.9681 &
\end{array}$$
a.
Using the above information, develop the least squares estimated regression line and write the equation.
b.
Compute the coefficient of determination.
c.
Perform an F test and determine whether or not there is a significant relationship between demand and unit price. Let α = .05.
d.
Would the demand ever reach zero? If yes, at what price would the demand be zero?

Question

A company has recorded data on the daily demand for its product (y in thousands of units) and the unit price (x in hundreds of dollars).A sample of 15 days demand and associated prices resulted in the following data. $$\begin{array} { l l } 
\Sigma x = 75 & \Sigma ( y - y ) ( x - x ) = - 59 \
\Sigma y = 135 & \sum ( x - \bar { x } ) ^ { 2 } = 94 \
\Sigma ( y - y ) ^ { 2 } = 100 & \
\mathrm { SSE } = 62.9681 &
\end{array}$$ ​ 
a.
Using the above information, develop the least squares estimated regression line and write the equation.
b.
Compute the coefficient of determination.
c.
Perform an F test and determine whether or not there is a significant relationship between demand and unit price. Let α = .05.
d.
Would the demand ever reach zero? If yes, at what price would the demand be zero?

Quizplus · Accepted Answer

The Answer of A company has recorded data on the daily demand for its product (y in thousands of units) and the unit price (x in hundreds of dollars).A sample of 15 days demand and associated prices resulted in the following data. $$\begin{array} { l l } 
\Sigma x = 75 & \Sigma ( y - y ) ( x - x ) = - 59 \
\Sigma y = 135 & \sum ( x - \bar { x } ) ^ { 2 } = 94 \
\Sigma ( y - y ) ^ { 2 } = 100 & \
\mathrm { SSE } = 62.9681 &
\end{array}$$ ​ 
a.
Using the above information, develop the least squares estimated regression line and write the equation.
b.
Compute the coefficient of determination.
c.
Perform an F test and determine whether or not there is a significant relationship between demand and unit price. Let α = .05.
d.
Would the demand ever reach zero? If yes, at what price would the demand be zero?

A Company Has Recorded Data on the Daily Demand for Its