We are interested in determining the relationship between daily supply (y) and the unit price (x) for a particular item. A sample of ten days supply and associated price resulted in the following data.
a.Develop the least square estimated regression equation.
b.Compute the coefficient of determination and fully explain its meaning.
c.At $\alpha$= 0.05, perform a t-test and determine if the slope is significantly different from zero.

Question

We are interested in determining the relationship between daily supply (y) and the unit price (x) for a particular item. A sample of ten days supply and associated price resulted in the following data.  
a.Develop the least square estimated regression equation.
b.Compute the coefficient of determination and fully explain its meaning.
c.At $\alpha$= 0.05, perform a t-test and determine if the slope is significantly different from zero.

Quizplus · Accepted Answer

The Answer of We are interested in determining the relationship between daily supply (y) and the unit price (x) for a particular item. A sample of ten days supply and associated price resulted in the following data.  
a.Develop the least square estimated regression equation.
b.Compute the coefficient of determination and fully explain its meaning.
c.At $\alpha$= 0.05, perform a t-test and determine if the slope is significantly different from zero.

We Are Interested in Determining the Relationship Between Daily Supply α\alphaα

We Are Interested in Determining the Relationship Between Daily Supply $\alpha$