Question
A product rating agency has the following data about the quality score for an electronic product and respective prices for 10 popular brands. Brand Price
A product rating agency has the following data about the quality score for an electronic product and respective prices for 10 popular brands.
Brand Price Score
A 2900 55
B 2800 54
C 2700 45
D 3500 56
E 3300 54
F 2000 35
G 4200 68
H 3100 56
I 2500 32
J 3000 45
Calculate the Regression coefficients based on the above data and explain what the values indicate. Measure the Goodness of Fit using the Coefficient of Determination and interpret the calculated value with respect to the model's overall explanatory power. Also check the relationship between R2 and r.
Please label each part of the question in bold (Regression coefficients, what the values indicate, the measuring of Goodness of Fit using Coefficient of Determination, interpreting the value, and relationship between R2 and r). Please do not take answers from another source. I have looked at other answers and they have not been helpful because the parts were not labeled properly so I need an original explanation. If you find it easier to write on paper, that is fine too, but whichever method you choose, please make it as clear as possible because I really want to understand this question. Thank you in advance. I will make sure to give you a thumbs up if I find the explanation helpful.
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