Attempts Average / 8 2. Exercise 4.2 The Pilot Pen Company has decided to use 15 test markets to examine the sensitivity of demand for its new product to various prices, as shown in the following table. Advertising effort was identical in each market. Each market had approximately the same level of business activity and population. Complete the following worksheet and then estimate the demand function for Pilot's new pen using a linear regression model. Price Charged Quantity Sold Test (cents) (Thousands of Market Pens) xi Vi xiyi xi2 yiz 50 20 1,000 2,500 400 50 21 1,050 2,500 441 55 19 1,045 3,025 361 55 19.5 1,072.5 3,025 380.25 60 20.5 1,230 3,600 420.25 60 19 1,140 3,600 361 65 16.5 1,072.5 4,225 272.25 65 15 975 4,225 225 70 14.5 1,015 4,900 210.25 10 70 15.5 1,085 4,900 240.25 80 13 1,040 6,400 169 12 80 14 1,120 6,400 196 13 90 11.5 1,035 8,100 132.25 14 90 11 990 8,100 121 15 40 17 680 1,600 289 Total 980 247 67,100 Regression Parameters Estimations Slope (B) Intercept (a) What is the standard error of the estimate (se)? 105.552 1.732 1.483