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's Regression Tool to answer the following questions.
a.What is the estimated regression equation?
b.Perform a t test and determine whether or not x and y are related. Use 0.05.
c.Perform an F test and determine whether or not x and y are related. Use 0.05.
d.Find and interpret the coefficient of determination.
Definitions:
Profits
The financial gain that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes.
Accommodative Strategy
A corporate social responsibility strategy that accepts social responsibility and tries to satisfy society’s basic ethical expectations.
Social Responsibility
The obligation of an organization to act in ways that benefit society at large, beyond its own interests.
Economic Responsibility
The obligation of organizations and individuals to make decisions that benefit the overall economy and society.
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