Question
In: Statistics and Probability
CONO 2463 – Business Statistics Chapter 12 Complete the following parts to calculate (by hand) the...
CONO 2463 – Business Statistics
Chapter 12
- 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 |
- Compute the estimated slope (b1).
- Compute the estimated intercept (b0).
- Write the estimated regression question you have calculated.
- 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 |
|
- 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?
- 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
orchestra answered 3 years agoRelated Solutions
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Cell phones and cancer
Cancer
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Cell phone
Yes
No
Yes
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