Enterprise Industries produces Fresh, a brand of liquid laundry detergent. In order to study the relationship between price and demand for the large bottle of Fresh, the company has gathered data concerning demand for Fresh over the last 30 sales periods (each sales period is four weeks). Here, for each sales period, Run the regression Model in Excel. Copy and paste entire output below. Find the least squares point estimates b0 and b1 on the computer output and report their values. Interpret b0 and b1. Write down the regression equation At x=0.3, what is the residual? Find correlation coefficient. Negative or positive association? Find R2. Interpret the result.
Enterprise Industries produces Fresh, a brand of liquid laundry detergent. In order to study the relationship between price and demand for the large bottle of Fresh, the company has gathered data concerning demand for Fresh over the last 30 sales periods (each sales period is four weeks). Here, for each sales period, Run the regression Model in Excel. Copy and paste entire output below. Find the least squares point estimates b0 and b1 on the computer output and report their values. Interpret b0 and b1. Write down the regression equation At x=0.3, what is the residual? Find correlation coefficient. Negative or positive association? Find R2. Interpret the result.
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter4: Polynomial And Rational Functions
Section4.6: Variation
Problem 2E
Related questions
Question
Enterprise Industries produces Fresh, a brand of liquid laundry detergent. In order
to study the relationship between price and demand for the large bottle of Fresh, the company
has gathered data concerning demand for Fresh over the last 30 sales periods (each sales
period is four weeks). Here, for each sales period,
- Run the regression Model in Excel. Copy and paste entire output below.
- Find the least squares point estimates b0 and b1 on the computer output and report their
values. Interpret b0 and b1. Write down the regression equation - At x=0.3, what is the residual?
- Find
correlation coefficient . Negative or positive association? - Find R2. Interpret the result.
Transcribed Image Text:y = demand for the large bottle of Fresh
(in hundreds of thousands of bottles) in
the sales period, and
x = the difference between the average industry price
(in dollars) of competitors' similar detergents and
the price (in dollars) of Fresh as offered by Enter-
prise Industries in the sales period.
Transcribed Image Text:PriceDif Demand
-0.05
0.25
0.60
0.00
0.25
0.20
0.15
0.05
-0.15
0.15
0.20
0.10
0.40
0.45
0.35
0.30
0.50
0.50
0.40
-0.05
-0.05
-0.10
0.20
0.10
0.50
0.60
-0.05
0.00
0.05
0.55
7.38
8.51
9.52
7.50
9.33
8.28
8.75
7.87
7.10
8.00
7.89
8.15
9.10
8.86
8.90
8.87
9.26
9.00
8.75
7.95
7.65
7.27
8.00
8.50
8.75
9.21
8.27
7.67
7.93
9.26
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