What is the point estimate of the mean demand in all sales periods when the pric

Question

What is the point estimate of the mean demand in all sales periods when the price difference is $ 0.28

a. 1,077,900

b. 781,400

c. 856,020

d. 266,500

This is the question before the one I'm asking about but I dont see how they are related.

Which one represent the correct equation of the least squares line for this problem?

y-hat = b0 + b1x = 7.814 + x

y-hat = b0 + b1x = 1 + 2.665x

y-hat = b0 + b1x = 2.665 + 7.814x

y-hat = b0 + b1x = 7.814 + 2.665x

y-hat = b0 + b1x = 7.814 + x

y-hat = b0 + b1x = 1 + 2.665x

y-hat = b0 + b1x = 2.665 + 7.814x

y-hat = b0 + b1x = 7.814 + 2.665x

Explanation / Answer

If we try putting x= 0.28 in the given equations, only the value from option 3 i.e y-hat = 7.814 + 2.665*0.28 = 8.5602 which is only there in the options of given question(option -> c.856,020)

So correct option would be c.856,020 and correct option would be 4th option i.e y_hat = b0+b1x = 7.814+2.665*0.28

y-hat = b0 + b1x = 7.814 + x

y-hat = b0 + b1x = 1 + 2.665x

y-hat = b0 + b1x = 2.665 + 7.814x

y-hat = b0 + b1x = 7.814 + 2.665x

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.