Question: The following data represent the daily demand ( in thousands of units) and the unit price (indollars) for a product . Daily Demand Unit Price

The following data represent the daily demand ( in thousands of units) and the unit price (indollars) for a product.

Daily Demand Unit Price

5 2

7 4

9 8

12 5

10 7

13 8

16 9

16 6

Develop the estimated regression equation that can be used to predict the daily demand given the unit price.

a. State the independent and dependent variables;

b. Explain whether the regression model is significant for the data set;

c. Explain whether the coefficients are significant.

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