The Following Table Shows the Number of Cars Sold Last

question 74

Multiple Choice

The following table shows the number of cars sold last month by six dealers at Centreville Nissan dealership and their number of years of sales experience. Management would like to use simple regression analysis to estimate monthly car sales using the number of years of sales experience.The slope of the regression equation is equal to _______.

• A) −3.33
• B) 0.71
• C) 1.00
• D) 6.15

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Definitions:

Substitution Effect

The economic principle that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.

Income

The monetary amount received by an individual or entity in exchange for labor, services, or investment.

Price

The amount of money or compensation exchanged for the ownership or use of a good or service.

Apples

A type of fruit that comes in various colors and flavors, commonly grown in temperate climates.