Question

1. The experiment earlier this week from one of the rounds gave the following results: 3 2.8 2.6 Q 2.4 22 2 1.8 3 4 5 6 7 Costs Running the regression yielded the following function: 0 = 3.15-0.122Cost: p=0.4526 (0.001) (0.21) Where the p-values are in the parenthesis. a. Interpret the slope coefficient. b. What is the significance level for the slope coefficient? c. Suppose you wanted to add a quadratic term to the model. Given the following data, what would be the values for the quadratic term? Quadratic Term Cost 3.5 4.5 5.5 6.5 7.5 Q 2.61 2.52 2.76 2.52 2

Answer 1

A)

For every one unit increase in cost Q will decrease by 0.122 unit

b)

p value = 0.21

Significance must be greater than 0.21 in order to make the model significant

C)

QUATDRATIC TERM

12.25

20.25

30.25

42.25

56.25

THANKS

revert back for doubt

please upvote