Question: 7.8 (a) For the data given in Problem 7.2, estimate the sample regression line and calculate the R2 statistic. Comment upon the results. (b) Calculate

7.8

(a) For the data given in Problem 7.2, estimate the sample regression line and calculate the R2 statistic. Comment upon the results.

(b) Calculate the standard error of the estimate and the standard errors of the coefficients. Is the slope coefficient significantly different from zero? Is demand inelastic?

(c) Test the overall significance of the regression and comment upon your result.

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