Question
In: Statistics and Probability
Law of Supply: You will need to use software to answer these questions. The Law of...
Law of Supply: You will need to use software to
answer these questions.
The Law of Supply states that an increase in price will
result in an increase in the quantity supplied (assuming all other
factors remain unchanged). Below is the scatterplot, regression
line, and corresponding data for price (x) -vs- quantity
supplied (y).
|
|||||||||||||||||||||||||||||||||||||||||||
You should be able to copy and paste the data by highlighting
the entire table.
Answer the following questions regarding the relationship.
(a) Using all 12 data pairs for x and y,
calculate the correlation coefficient. Round your answer to
3 decimal places.
r =
(b) Is there a significant linear correlation between these
variables?
YesNo
(c) Use software to find the regression equation. What is the slope
and y-intercept? Round each answer to one decimal
place.
| slope | ||
| y-intercept |
(d) Use the regression equation to estimate the quantity supplied
if the price is set at $5.00. Round your answer to the
nearest whole number.
ŷ = units
Solutions
Expert Solution
The statistical software output for this problem is :
(a)
correlation coefficient = r = 0.918
(b)
Yes
(c)
Slope = 120.8
Intercept = -120.3
(d)
= 484 units
orchestra answered 1 year agoRelated Solutions
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