A Company Has Recorded Data on the Daily Demand for Its

question 58

Essay

A company has recorded data on the daily demand for its product (Y in thousands of units) and the unit price (X in hundreds of dollars). A sample of 15 days demand and associated prices resulted in the following data.
a.Using the above information, develop the least-squares estimated regression line and write the equation.
b.Compute the coefficient of determination.
c.Perform an F test and determine whether or not there is a significant relationship between demand and unit price. Let $\alpha$ = 0.05.
d.Would the demand ever reach zero? If yes, at what price would the demand be zero?

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