Question

I will rate, please help!!!

Consider the following data concerning the demand (y) and price (x) of a consumer product. Demand, y Price, x 247 230 $2.06 $2.20 $2.47 $2.67 $2.88 $2.96 253 244 220 235 Type the data into Minitab as two COLUMNS (labeled Y (demand) and X (price)). Create a scatterplot to see the relationship between demand and price (a) From the plot, does it seem reasonable to use the simple linear regression model to relate y to x? O No Yes (b) Using Minitab, calculate the least squares point estimates of the parameters in the simple linear regression model. (Round your answers to 3 decimal places. Negative amounts should be indicated by a minus sign.) bo (y-int) b1 (slope) Use Minitab to test the significance of the regression relationship between y and x by finding the test (d) statistic and p-value for the slope. p-value .000 Ho, relationship is significant (Click to select)

Answer 1

Page No.: Date: (a) Get scatter data into excel Ist option click then OK. on Here, There linear plot is model suggest that, linear pattern appropriate so (6) data select data data analysis it ok Regression bo= 313. 196 bi= -29.539. (d) pvalue = 0.07 Here pvalue <0.05 Reject to (significance loves)

Connections F23 Sort & Filter Data Tool Loco SUMMARY OUTPUT Regression Statistics Multiple R 0.882739261 R Square 0.779228604 Adjusted R Square 0.724035755 Standard Error 6.385790214 Observations ANOVA df SSMS MS F 575.7200667 575.7201 14.11829 163.1132666 40.77832 738.8333333 Significance F 0.019818949 Regression Residual Total 5 7 Intercept Coefficients 313.1963726 -29.53925432 Standard Error Stat P-value 20.13781117 15.55265 9.98E-05 7.861555621 -3.75743 0.019819 Lower 95% Upper 95%ower 95.0%pper 95.0% 257.2848454 369.1079 257.2848 369.1079 -51.36643194 -7.71208-51.3664 -7.71208 Sheet4 Sheet1 Sheet2 Sheet3 + ady o Bì H à H B n g . Type here to search