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 construct a residual plot and use it to determine if any model assumption have been violated.
Definitions:
Perceptual Blinders
Cognitive biases or limitations that prevent individuals from fully understanding or accurately perceiving various situations or the viewpoints of others.
Employee Involvement
The practice of empowering employees by encouraging them to contribute ideas and participate in decision-making processes affecting their work.
Union-Management
The relationship, negotiations, and agreements between labor unions and employers regarding worker conditions, compensation, and rights.
Board of Directors
A group of individuals elected by shareholders to oversee the management and make major decisions for a corporation.
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