Consider the following data concerning the demand ( y ) and price ( x ) of a con

Question

Consider the following data concerning the demand (y) and price (x) of a consumer product.

Calculate the least squares point estimates of the parameters in the simple linear regression model. (Use megastat or minitab or excel to run the regression analysis.) (Round your answers to 3 decimal places. Negative answer should be indicated by a minus sign.)

Write the least squares prediction equation. (Round your answers to 3 decimal places. Negative answer should be indicated by a minus sign.)

Test the significance of the regression relationship between y and x.

Find a point prediction of and a 95 percent prediction interval for the demand corresponding to each of the prices $2.30, $2.75, and $3.10. (Round your answers to 3 decimal places.)

Consider the following data concerning the demand (y) and price (x) of a consumer product.

Explanation / Answer

(b) b0=318.019, b1=-28.551

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(c) yhat= 318.019-28.551

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(d) p-value =0.0438

Reject Ho.Hence, significant

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(e)

Regression output confidence interval variables coefficients std. error    t (df=4) p-value 95% lower 95% upper Intercept 318.0187 26.0887 12.190 .0003 245.5848 390.4526   Price, x -28.5514 9.8233 -2.907 .0438 -55.8251 -1.2777

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