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Regression analysis was applied between sales (Y) and price (X), and the following estimated regression equation was obtained. In() = 4.81 - 0.85 In(X) Based
Regression analysis was applied between sales (Y) and price (X), and the following estimated regression equation was obtained. In() = 4.81 - 0.85 In(X) Based on the above estimated regression equation: if the price is increased by $1, then sales is expected to increase by $0.2 O if the price is increased by $1, then sales is expected to decrease by $0.85 if the price is increased by 1%, then sales is expected to decrease by 0.85% if the price is increased by 1%, then sales is expected to increase by 0.15%
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