A regression analysis between sales (in $1000) and price (in dollars) resulted in the following equation

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Question

A regression analysis between sales (in $1000) and price (in dollars) resulted in the following equation

y = 50,000-8x

The above equation implies that an

a increase of $1 in price is associated with a decrease of $42,000 in sales

b increase of $1 in price is associated with a decrease of $8000 in sales

c increase of Ss in price is associated with an increase of $8000 in sales

d increase of $1 in price is associated with a decrease of $8 in sales

math Statistics-And-Probability

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Answer 1

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Answer #1

Here the regression coefficient is -8, which is negative.

ANS: increase of $1 in price is associated with a decrease of $8000 in sales.

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Answer 2

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