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The following data show the results of an aptitude test Y) and the grade point average of 10 students.
a. Develop a least squares estimated regression line.
b. Compute the coefficient of determination and comment on the strength of the regression relationship.
c. Is the slope significant? Use a t test and let α = 0.05.
d. At 95% confidence, test to determine if the model is significant i.e., perform an F test).
Average Cost
The total cost of production divided by the quantity produced, used to determine the efficiency and profitability of production.
Competitive Firm
A company operating in a market where it must compete against others for the same customers or resources, characterized by its efforts to offer better products, prices, or services.
Inelastic Demand
Characterized by a consumer's lack of sensitivity to price changes, resulting in minimal changes in quantity demanded despite fluctuations in price.
Competitive Industry
An industry characterized by numerous firms, where no single firm can dictate the price of goods or services.
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