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Demand for iTunes In the Managerial Solution, we estimated a focus group's demand function for iTunes downloads. The estimated coefficient on price is -413, and

Demand for iTunes

In the Managerial Solution, we estimated a focus group's demand function for iTunes downloads. The estimated coefficient on price is -413, and thet-statisticis -12.6.

  1. Using these values, what is the standard error of this estimated coefficient?
  2. Suppose we had another focus group sample, ran a regression on that sample, and obtained the same coefficient on price but with a standard error 10 times as large. What can you say about the statistical significance of the price coefficient in this second sample?

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