Consider the following data concerning the demand y and pric

Consider the following data concerning the demand (y) and price (x) of a consumer product.

Calculate the least squares point estimates of the parameters in the simple linear regression model. (Use megastat or minitab or excel to run the regression analysis.) (Round your answers to 3 decimal places. Negative answer should be indicated by a minus sign.)

Write the least squares prediction equation. (Round your answers to 3 decimal places. Negative answer should be indicated by a minus sign.)

Test the significance of the regression relationship between y and x.

Find a point prediction of and a 95 percent prediction interval for the demand corresponding to each of the prices $2.30, $2.75, and $3.10. (Round your answers to 3 decimal places.)

Solution

(b) b0=318.019, b1=-28.551

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(c) yhat= 318.019-28.551

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(d) p-value =0.0438

Reject Ho.Hence, significant

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(e)