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TABLE 12-2
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 six 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 12-2, what is the estimated mean change in the sales of the candy bar if price goes up by $1.00?
Axes
Refers to imaginary lines used to determine positions or movements in mathematical and physical contexts, or to various categories or dimensions used for analysis in social sciences.
Society
A group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or social territory.
Industrialization
The process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods, involving widespread technological innovation.
Marx
Karl Marx, a 19th-century philosopher, economist, and revolutionary socialist known for his theories about capitalism and communism.
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