The following consumption figures for a product (Yin tons) and its price per ton (X in...

 

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The following consumption figures for a product (Yin tons) and its price per ton (X in €) for a period of 10 years are given, as shown in the table below YEARS X Y I 120 840 2 160 860 3 180 800 4 200 700 5 260 720 6 280 660 7 320 620 8 370 650 9 420 600 10 480 630 a)estimate the linear equation of consumption of the product. b)estimate the quantity of the product that on average is expected to be consumed in case of setting the price of the product to €520 and to determine the confidence interval at significance level a = 0.05 for the population slope 31. c)Check at the 5% level whether the coefficients of this equation are statistically significant. d) What is the price elasticity of demand? The following consumption figures for a product (Yin tons) and its price per ton (X in €) for a period of 10 years are given, as shown in the table below YEARS X Y I 120 840 2 160 860 3 180 800 4 200 700 5 260 720 6 280 660 7 320 620 8 370 650 9 420 600 10 480 630 a)estimate the linear equation of consumption of the product. b)estimate the quantity of the product that on average is expected to be consumed in case of setting the price of the product to €520 and to determine the confidence interval at significance level a = 0.05 for the population slope 31. c)Check at the 5% level whether the coefficients of this equation are statistically significant. d) What is the price elasticity of demand?

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