What percent of variation in demand can be explained by this least squares estim
ID: 3159397 • Letter: W
Question
What percent of variation in demand can be explained by this least squares estimate equation?
What is the least squares prediction equation to predict demand based on price of this product?
What is the correlation coefficient of the relationship between demand (y) and price(x).
SUMMARY OUTPUT Regression Statistics Multiple R 0.994762798 R Square 0.989553024 Adjusted R Square 0.98694128 Standard Error 1.191237852 Observations 6 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 306.6190476 3.592572332 85.34805 1.13E-07 296.6444678 316.5936 Price, x -27.71428571 1.423801561 -19.465 4.11E-05 -31.66739259 -23.7612Explanation / Answer
Around 98.96% variation in demand can be expalined by th eleast sqaure estimate eqaution.
Correlation coefficient, r=sqrt R^2=0.99
Demand=306.6190476-27.71428571 Price
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