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A regression analysis between sales (in $1000) and price (in dollars) resulted in the following ...

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A regression analysis between sales (in $1000) and price (in dollars) resulted in the following ...

A regression analysis between sales (in $1000) and price (in dollars) resulted in the following equation

= 60 - 8X

The above equation implies that an

▸

increase of $1 in price is associated with a decrease of $8 in sales

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increase of $8 in price is associated with an decrease of $52,000 in sales

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increase of $1 in price is associated with a decrease of $52 in sales

▸

increase of $1 in price is associated with a decrease of $8000 in sales

Textbook

Essentials of Statistics for Business and Economics

Edition: 7^th

Authors: Anderson, Sweeney, Williams, Camm, Cochran

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Helped a lot

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