7.A company has recorded data on the weekly sales for its product ( y ) and the...
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Question:
7.A company has recorded data on the weekly sales for its product (y) and the unit price of the competitor's product (x). The data resulting from a random sample of 7 weeks follows. Use Excel's Regression Tool to answer the following questions.
Week | Price | Sales | ||
1 | .33 | 20 | ||
2 | .25 | 14 | ||
3 | .44 | 22 | ||
4 | .40 | 21 | ||
5 | .35 | 16 | ||
6 | .39 | 19 | ||
7 | .29 | 15 |
a. | What is the estimated regression equation? |
b. | Perform a ttest and determine whether or not x and y are related. Usea= 0.05. |
c. | Perform an Ftest and determine whether or not x and y are related. Usea= 0.05. |
d. | Find and interpret the coefficient of determination. |
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