Regression Analysis Was Applied Between Demand for a Product (Y)

question 62

Multiple Choice

Regression analysis was applied between demand for a product (Y) and the price of the product (X) , and the following estimated regression equation was obtained. = 120 - 10 X Based on the above estimated regression equation, if price is increased by 2 units, then demand is expected to

• A)increase by 120 units
• B)increase by 100 units
• C)increase by 20 units
• D)decease by 20 units

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Definitions:

Useful Purpose

A goal or outcome that serves an advantageous function or satisfies a need.

Behaviourism

A school of psychology that focuses on observable behavior rather than mental states, emphasizing the environmental influences on behavior.

Objectively Observed

The practice of measuring or noting phenomena without bias or influence from the observer's personal feelings or predispositions.

Psychologists

Professionals in the field of psychology who study mental processes and behavior.