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CONO 2463 – Business Statistics Chapter 12 Complete the following parts to calculate (by hand) the...

CONO 2463 – Business Statistics

Chapter 12

  1. Complete the following parts to calculate (by hand) the estimated regression equation for x and y.

xi

yi

15

5

12

7

10

9

7

11
  1. Compute the estimated slope (b1).
  1. Compute the estimated intercept (b0).

  1. Write the estimated regression question you have calculated.
  1. A company has recorded data on the weekly sales for its product (y) and the unit price of the competitor’s product (x). Shown below is a portion of an Excel output for regression analysis.

Summary Output

Regression Statistics

Multiple R

0.878

R Square

0.770

Adjusted R Square

0.725

Standard Error

1.644

Observations

7

ANOVA

df

SS

MS

F

Significance F

Regression

1

45.347

45.347

16.783

0.190

Residual

5

13.509

2.701

Total

6

58.857

Coefficients

Standard Error

t Stat

P-value

Intercept

3.58

3.6082

0.992

0.366

Price

41.60

10.1552

4.096

0.190
  1. Write the estimated regression equation from the Excel Output. Using that equation, if the competitor’s price is $0.30, what are the predicted weekly sales?
  1. Conduct the significance test for the relationship between Sales and Competitor’s Price using the t-test (or F-test). Include null and alternative hypotheses, comparison to alpha of 5%, decision and conclusions.

Solutions

Expert Solution

orchestra answered 2 years ago
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