Exhibit 14-3

question 13

Multiple Choice

Exhibit 14-3.Consider the following sample regression equation ,where y is the demand for Product A (in 1000s) and x is the price of the product (in $) . Refer to Exhibit 14-3.If the price of Product A is $5,then we expect demand to be

• A)50
• B)500
• C)5,000
• D)50,000.

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Definitions:

Population Standard Deviation

A measure of the dispersion of all values in a given population from the mean of that population.

Sampling Error

The discrepancy between a sample statistic and the true population parameter, which arises purely by chance.

Sample Size

Pertains to the count of items or participants chosen from a larger group for statistical examination.

Population

The total set of observations or elements from which samples can be drawn for statistical analysis.