The marketing department of a large supermarket chain wants to study the effects of price on the sale of packages of disposable razors. Data are collected from a sample of 15 stores with equivalent store traffic and product placement (i.e., at the checkout counter). Five stores are randomly assigned to each of the three price levels (79, 99, and 119 cents) for the package of razors. After conducting your analysis, provide a recommendation.

Price	PriceSquared	Sales
79	6241	142
79	6241	151
79	6241	163
79	6241	168
79	6241	176
99	9801	91
99	9801	100
99	9801	107
99	9801	115
99	9801	126
119	14161	77
119	14161	86
119	14161	95
119	14161	100
119	14161	106

1. Construct a scatter plot for price and sales.

2. Fit a quadratic regression model and state the quadratic regression equation.

3. Predict the weekly sales for a price per package of 79 cents.

4. At the 0.05 level of significance, is there a significant quadratic relationship between weekly sales and price?

5. At the 0.05 level of significance, determine whether the quadratic model is a better fit than the linear model.

6. Interpret the meaning of the coefficient of multiple determination.

7. Compute the adjusted R2 .

Answer rating: 100% (QA)

1 scatter plot 2 Quadratic regression model in excel and its equation SUMMARY OUTPUT Regression Stat... View the full answer