Shown Below Is a Portion of a Computer Output for a Regression

question 44

Essay

Shown below is a portion of a computer output for a regression analysis relating y (demand) and x (unit price). $$\begin{array}{l}\text { ANOVA }\\\begin{array} { l l l } & d f & S S \\\text { Regression } & 1 & 5048.818 \\\text { Residual } & 46 & 3132.661 \\\text { Total } & 47 & 8181.479 \\\\& \text { Coefficients } & \text { Standard Error } \\\text { Intercept } & 80.390 & 3.102 \\\mathrm { X } & - 2.137 & 0.248\end{array}\end{array}$$ ​
a.
Perform a t test and determine whether or not demand and unit price are related. Let α = .05.
b.
Perform an F test and determine whether or not demand and unit price are related. Let α = .05.
c.
Compute the coefficient of determination and interpret its meaning. Be very specific.
d.
Compute the coefficient of correlation and explain the relationship between demand and unit price.

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Definitions:

Price Elasticity

A measure of how the quantity demanded of a good or service changes in response to a change in its price.

Equation

A mathematical statement that asserts the equality of two expressions, often used to solve problems and express relationships in various fields.

Cross Price Elasticity

An indicator of the sensitivity of the demand for one product in relation to the price variations of a different product.

Mobile Service

Mobile service refers to the provision of telecommunication services such as voice and data communication over a network by a provider to a mobile device.