Question: Problem 2 (10 points) Suppose that as a sales manager, you have received the following forecasting report from your staffs, Our forecast is based on

Problem 2 (10 points) Suppose that as a sales

Problem 2 (10 points) Suppose that as a sales manager, you have received the following forecasting report from your staffs, Our forecast is based on the least square regression, applied to Y = a +bX; where X is the per-unit price that we charge and Y is the resulting monthly sales. We collect data monthly. In the past 10 months, we sold a total of 1000 units. Our average monthly price is $20 per unit. Using monthly sales and price data of all 10 months, we run a least-square regression to determine values of a and b, Based on these estimated values, we forecast that if we set the price at $30 per unit in the next month, we can only sell 50 units. Question: use the above information to determine which values of a and b your staffs have got from the least square regression and used to forecast sales

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