Question

In: Statistics and Probability

​​​​​Below is the regression of units sold on the average price of the product. Regression Statistics...

​​​​​Below is the regression of units sold on the average price of the product.

Regression Statistics

Multiple R

0.2461

R Square

0.2000

Adjusted R Square

0.1649

Standard Error

26.128

Observations

20

ANOVA

Df

SS

MS

F

Significance F

Regression

1

3080.89

3080.89

4.51

0.0478

Residual

18

12288.31

682.68

Total

19

15369.20

Coefficients

Standard Error

t Stat

P-value

Lower 95%

Upper 95%

Intercept

614.9300

51.2343

12.002

0.0000

507.2908

722.5692

X

-109.1120

51.3623

-2.124

0.0478

-217.0202

-1.2038

  1. What is the estimated regression equation?
  2. What is the intercept of the simple linear regression model. Interpret the intercept.
  3. Interpret the slope coefficient.
  4. Test whether the slope coefficient is significant at 1%?
  5. What is the lowest significance level at which the slope coefficient will be significant?
  6. Did your estimated regression equation provide a good fit? How strong is the relationship?
  7. What is your residual when average price is $2.00?
  8. What is the estimated number of units sold if the average price is $2.50?

Solutions

Expert Solution

orchestra answered 2 years ago
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