b. Using Excel's Regression analysis, estimate the simple regression (demand for Accord) and report the estimated equation (you can round the estimated coefficients to FIVE decimal points). Place the regression output in a separate sheet in the same excel file and label the sheet as Reg_Output.

My answer:

I put the regression form into my attached file.From the form of regression,we can see that the regression coefficient is 53.86, X-variable (price veri

Suppose that Honda has asked you to conduct a focus group to predict how the number of Honda Accord vehicles demanded would change if the price changes. You arrange a focus group of 50 potential car buyers to illustrate how Honda could answer such question. You asked the members of the group if they would be willing to buy an Accord at various prices. As a result, for each of eight prices ranging from $5,000 to $40,000, you have the following information on how many Accords will be demanded at each price by this group. Q P SUMMARY OUTPUT Regression Statistics $40,000 Multiple R 0.988576473 R Square 0.977283443 35,000 Adjusted R Square 0.97349735 Standard Error 2.900465206 Observations 30,000 ANOVA 16 25,000 MS Significance F Regression 2171 52381 2171.524 258.1245 3.69498E-06 24 20,000 Residual 50.47619048 8.412698 Total 2222 35 15,000 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% intercept 53.85714286 2.260024281 23.83034 3.59E-07 48.32706266 59.38722305 48.32706266 10,000 $9.38722305 40 X Variable 1 0.001438095 8.95103E-05 -16.06625 3.69E-06 0.001657119 0.001219071 0.001657119 0.001219071 47 5,000 84.77619048