2. The following data relate to the sales of a product over an eight-month period:Moth January February MarchApril May June July AugustSales(Q)5672706568756667Price ($)7565596969495959Use ay data analysis tool(software) to answer the following questions: i.Compute (R)^2 for the regression line? Interpret it? (5 MARKS)ii.Compute the F-statistic and state what it implies? (5 MARKS)iii.Interpret the regression coefficient of price (5 MARKS)iv.Forecast sales in September if price is £65. (5 MARKS)v.(BONUS Question) Draw an appropriate graph of the data and relationship. (BONUS 5 MARKS)
2. The following data relate to the sales of a product over an eight-month period:Moth January February MarchApril May June July AugustSales(Q)5672706568756667Price ($)7565596969495959Use ay data analysis tool(software) to answer the following questions: i.Compute (R)^2 for the regression line? Interpret it? (5 MARKS)ii.Compute the F-statistic and state what it implies? (5 MARKS)iii.Interpret the regression coefficient of price (5 MARKS)iv.Forecast sales in September if price is £65. (5 MARKS)v.(BONUS Question) Draw an appropriate graph of the data and relationship. (BONUS 5 MARKS)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
2. The following data relate to the sales of a product over an eight-month period:
Moth January February March
April May June July August
Sales(Q)
56
72
70
65
68
75
66
67
Price ($)
75
65
59
69
69
49
59
59
Use ay data analysis tool(software) to answer the following questions:
i.
Compute (R)^2 for the regression line? Interpret it? (5 MARKS)
ii.
Compute the F-statistic and state what it implies? (5 MARKS)
iii.
Interpret the regression coefficient of price (5 MARKS)
iv.
Forecast sales in September if price is £65. (5 MARKS)
v.
(BONUS Question) Draw an appropriate graph of the data and relationship. (BONUS
5 MARKS)
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