Question A company has recorded data on the daily demand for its product (y in thousands of units) and the unit price (x in hundreds of dollars). A sample of 11 days demand and associated price resulted in the following data: ?x=154 ?x2=2586 ?y=451 ?y2=18901 ?xy=5930 a. Using the above information develop the least squares estimated regression line. b. Compute the coefficient of determination. c. Perform an F test and determine whether or not there is a significant relationship between demand and unit price. Let alpha = 0.05. d. Perform a t test to determine whether the slope is significantly different from zero. Let alpha = 0.05. e. Would the demand ever reach zero? If yes at what price would the demand be zero. Show your complete work.
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