following data concerning the demand | My Assignment Tutor

Consider the following data concerning the demand (y) and price (x) of a consumer product.   Demand, y256247242233230224  Price, x$2.04$2.22$2.48$2.68$2.88$3.00 Type the data into Minitab as two COLUMNS (labeled Y (demand) and X (price)). Create a scatterplot to see the relationship between demand and price. (a)From the plot, does it seem reasonable to use the simple linear regression model to relate y to x?No Yes (b). (Round your answers to 3 decimal places. Negative amounts should be indicated by a minus sign.)   b0  (y-int)  b1 (slope) (d)Use Minitab to test the significance of the regression relationship between y and x by finding the test statistic and p-value for the slope. p-value = .000 (Click to select)Do not rejectReject H0, relationship is significant

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

Leave a Reply

Your email address will not be published.