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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, what is the coefficient of correlation for these data?
Type I Error
A statistical error occurring when a null hypothesis is wrongly rejected, meaning a false positive result is concluded.
Type II Error
An error that occurs when a false null hypothesis fails to be rejected.
Power Analysis
A statistical technique used to determine the sample size required to detect an effect of a given size with a certain degree of confidence.
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