TABLE 13-2
A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price of their product. To do this, the company randomly chooses 6 small cities and offers the candy bar at different prices. Using candy bar sales as the dependent variable, the company will conduct a simple linear regression on the data below:
-Referring to Table 13-2, to test whether a change in price will have any impact on average sales, what would be the critical values? Use α = 0.05.
Definitions:
Personal Income Tax
A tax levied on individuals or entities based on their income or profits.
Corporate Profits
The surplus income of corporations after all expenses have been met, indicative of corporate health.
Inflationary Gap
Occurs when equilibrium GDP is greater than full-employment GDP.
Equilibrium GDP
The level of Gross Domestic Product where aggregate supply equals aggregate demand, indicating a stable economy with no tendency for change in the price level or output.
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