(a) Find an estimated equation of regression between the demand (Y) and price (X) as given in...
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(a) Find an estimated equation of regression between the demand (Y) and price (X) as given in the following data.
X (Price) | 13 | 15 | 17 | 20 | 23 | 25 | 26 | 30 | 36 |
Y(Demand) | 37 | 31 | 28 | 25 | 27 | 24 | 21 | 19 | 24 |
Also, (i) Predict the demand (Y) when Price (X) =28. (ii) Find the correlation coefficient between two variables.
(b) Given the regression equation Y=40 - 4X. Find the value of the dependent variable Y for X =0,1,2,3,4,…,10 and plot the graph of X and Y on actual graph paper; also interpret it.
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
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