Exhibit 14-6
You are given the following information about y and x.
-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 11 days demand and associated price resulted in the following data.
a.Using the above information, develop the least-squares estimated regression line.
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 $\alpha$ = 0.05.
d.Perform a t test to determine whether the slope is significantly different from zero. Let $\alpha$ = 0.05.
e.Would the demand ever reach zero? If yes, at what price would the demand be zero? Show your complete work.

Question

Exhibit 14-6
You are given the following information about y and x. 
-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 11 days demand and associated price resulted in the following data.  
a.Using the above information, develop the least-squares estimated regression line.
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 $\alpha$ = 0.05.
d.Perform a t test to determine whether the slope is significantly different from zero. Let $\alpha$ = 0.05.
e.Would the demand ever reach zero? If yes, at what price would the demand be zero? Show your complete work.

Quizplus · Accepted Answer

The Answer of Exhibit 14-6
You are given the following information about y and x. 
-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 11 days demand and associated price resulted in the following data.  
a.Using the above information, develop the least-squares estimated regression line.
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 $\alpha$ = 0.05.
d.Perform a t test to determine whether the slope is significantly different from zero. Let $\alpha$ = 0.05.
e.Would the demand ever reach zero? If yes, at what price would the demand be zero? Show your complete work.

Exhibit 14-6 You Are Given the Following Information About Y α\alphaα

Exhibit 14-6
You Are Given the Following Information About Y $\alpha$