A chocolate bar manufacturer with stores in most country towns and cities is interested in trying...

A chocolate bar manufacturer with stores in most country towns and cities is interested in trying to estimate how daily sales are influenced by the price of their product. To do this, the company randomly chooses 6 stores in country towns and cities and offers the chocolate bar at different prices.

Using chocolate bar sales as the dependent variable, the company will conduct a simple linear regression on the data below:

City	Price ($) (X)	Sales (Y)
Toowoomba	1.30	100
Broken Hill	1.60	90
Bendigo	1.80	90
Kalgoorlie	2.00	40
Launceston	2.40	38
Port Augusta	2.90	32

The value, to three decimal places, of the test statistic to test the hypothesis

H₀: β₁ = 0

H₁: β₁ ≠ 0

is

Expert Solution

orchestra answered 1 year ago

please show your work. A candy bar manufacturer is interested in trying to estimate how sales...

please show your work. A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price of their product. To do this, the company randomly chooses 6 small cities and offers the candy bar at different prices. Using candy bar sales as the dependent variable, the company will conduct a simple linear regression on the data below: [20 points] City Price ($) Sales River Falls 1.30 100 Hudson 1.60 90 Ellsworth 1.80 90 Prescott 2.00...

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