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Market researchers were interested in the relationship between the price of bobbleheads and the demand of bobbleheads. Information was collected from a survey and was
Market researchers were interested in the relationship between the price of bobbleheads and the demand of bobbleheads. Information was collected from a survey and was used to obtain the regression equation y = -0.277x + 50.455, where x represents the price of a bobblehead (measured in dollars) and y is the predicted demand of bobbleheads (in units). Which statement best describes the meaning of the slope of the regression line? For each increase in demand by 1 unit, the predicted price decreases by $0.227. For each increase in demand by 1 unit, the predicted price decreases by $50.455. For each increase in price by $1, the predicted demand decreases by 0.227 units. For each increase in price by $1, the predicted demand decreases by 50.455 units
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