SCENARIO 13-2 A Candy Bar Manufacturer Is Interested in Trying to Estimate

question 88

Multiple Choice

SCENARIO 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 Scenario 13-2,if the price of the candy bar is set at $2,the estimated mean sales will be

• A)30
• B)65
• C)90
• D)100

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Definitions:

Coefficient

A numerical or constant quantity placed before and multiplying the variable in an algebraic expression (e.g., in linear models, indicating the magnitude and direction of the relationship).

Multiple Regression

A statistical technique used to predict the outcome of a dependent variable based on several independent variables.

Final Grade

The conclusive evaluation or assessment of a student's performance in a course, usually represented as a letter grade or percentage.

Adjusted Coefficient

A modified version of a coefficient in statistical models that accounts for the number of predictors or the sample size to avoid overfitting.