Question
A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price of their product. To do this, the company
A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price of their product. To do this, the company randomly chooses 6 small cities and offers the candy bar at different prices. Using candy bar sales as the dependent variable, the company will conduct a simple linear regression on the data shown below.
What is the standard error of theestimate, SYX, for thedata?
City
City A
City B
City C
City D
City E
City F
Price ($)
1.30
1.60
1.80
2.00
2.40
2.90
Sales
100
90
90
40
38
32
SHOW YOUR WORK. SHOW THE FORMULAS USING THE CALCULATOR
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