Question
A quant jock from your firm used a linear demand specification to estimate the demand for its product and sent you a hard copy of
A quant jock from your firm used a linear demand specification to estimate the demand for its product and sent you a hard copy of the results. Unfortunately, some entries are missing because the toner was low in her printer. Use the information presented below to find the missing values. Then, answer the accompanying questions.
Instructions: Do not round intermediate calculations. Round only your final calculation. Enter your final responses rounded to two decimal places. Include a minus (-) sign for all negative answers.
SUMMARY OUTPUT Regression Statistics Multiple R 0.38 R Square Adjusted R Square Standard Error 20.77 Observations 150 Analysis of Variance Degrees of Freedom Sum of Squares Mean Square F Significance F Regression 2 5199.43 12.05 0.00 Residual 147 63,408.62 431.35 Total 73,807.49 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 58.87 3.84 0.00 28.59 89.15 Price of X -1.64 0.85 0.06 -3.31 0.04 Income ('000s) 0.24 4.64 0.00 0.63 1.56
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