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

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 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.

A Company Has Recorded Data on the Daily Demand for Its