A Regression Analysis Linking Demand (Y in 1000 Units) to Price

question 47

Multiple Choice

A regression analysis linking demand (y in 1000 units) to price (x₁ in dollars) and advertising (x₂ in $1000s) resulted in the following equation: estimated Y = 9 - 5x₁ + 2x₂.This equation implies that a $1 increase in price can be associated with a ____ in demand.

• A)9000 - 5000 = 4000 unit increase
• B)9000 unit decrease
• C)9000 + 5000 = 14,000 unit decrease
• D)5,000 unit decrease
• E)none of the above

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Definitions:

Analyze Each Transaction

The process of closely examining financial transactions to ensure they are accurately recorded in the correct accounts.

Journal

A journal is a detailed account that records all the financial transactions of a business, to be used later for classifying and summarizing into financial statements.

Ledger Accounts

A record in accounting that is used to aggregate monetary transactions by account, monitoring debits and credits over a period.

Journal Entries

The recorded transactions in the financial books of a company, serving as the initial step in the accounting cycle.