A company has recorded data on the weekly sales for its product (y) and the unit price of the competitor's product (x). The data resulting from a random sample of 7 weeks follows. Use Excel to develop a scatter diagram and to compute the least squares estimated regression equation and the coefficient of determination.
Definitions:
Confounds
Variables that are not controlled in a research study, potentially leading to incorrect conclusions by mixing their effects with those of the variables of interest.
Confounds
Variables that confuse the outcome of an experiment by influencing the dependent variable in addition to or instead of the independent variable.
Manipulation Checks
Assessments used in experimental research to determine if the independent variable has been successfully manipulated.
Statistically Significant
Indicates that the likelihood of the observed result occurring by chance is low, suggesting a true effect in a study.
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