Question
The following data represent the daily demand ( in thousands of units) and the unit price (indollars) for a product . Daily Demand Unit Price
The following data represent the daily demand ( in thousands of units) and the unit price (indollars) for a product.
Daily Demand Unit Price
5 2
7 4
9 8
12 5
10 7
13 8
16 9
16 6
Develop the estimated regression equation that can be used to predict the daily demand given the unit price.
a. State the independent and dependent variables;
b. Explain whether the regression model is significant for the data set;
c. Explain whether the coefficients are significant.
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