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Oil Trading Company Production Cost /canister ($) Weekly Sales Volume (canisters 10) 62 56 2 55 52 3 50 60 4 82 38 5 67
Oil Trading Company Production Cost /canister ($) Weekly Sales Volume (canisters 10) 62 56 2 55 52 3 50 60 4 82 38 5 67 45 6 74 49 Question 2: Problem solving (10 Marks) Now with the same data of Question 1, suppose we want to test the significance of the regression model constructed earlier, by conducting the hypothesis test on whether a linear relationship exists between the Weekly Sales Volume and the Production Cost /canister or not. 1. Construct the ANOVA table. (2 Marks) 2. Perform the test at the significance level a = 0.05, then the level a = 0.01. (4 Marks) 3. Perform the test by the p-value method, with a = 0.05 then with a = 0.01.(4 Marks) Oil Trading Company Production Cost /canister ($) Weekly Sales Volume (canisters 10) 62 56 2 55 52 3 50 60 4 82 38 5 67 45 6 74 49 Question 2: Problem solving (10 Marks) Now with the same data of Question 1, suppose we want to test the significance of the regression model constructed earlier, by conducting the hypothesis test on whether a linear relationship exists between the Weekly Sales Volume and the Production Cost /canister or not. 1. Construct the ANOVA table. (2 Marks) 2. Perform the test at the significance level a = 0.05, then the level a = 0.01. (4 Marks) 3. Perform the test by the p-value method, with a = 0.05 then with a = 0.01.(4 Marks)
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