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Please explain 1. Consider the Sherwin-Williams Company example discussed in this chapter (see Tabte 4.1). Suppose one is interested in developing a simple regression model

Please explain
1. Consider the Sherwin-Williams Company example discussed in this chapter (see Tabte 4.1). Suppose one is interested in developing a simple regression model with paint sales (Y) as the dependent variable and selling price (P) as the independent variable. The regression estimation and regression statistics are shown below: j?= 390.376 14.263P Regression Statistics R Square 0.75 Standard Error 16.432 Observations 10 D. Determine the price elasticity of demand at a selling price of $14.50. (0.5 points)

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