Author Question: A company has recorded data on the daily demand for its product (Y in thousands of units) and the ... (Read 77 times)

markburs · **on:** Mar 25, 2023

Question 1

We are interested in testing the following hypotheses.

H₀: P₁- P₂≤ 0
H_a: P₁- P₂> 0

The test statistic Z is computed to be 0.58. The p-value for this test is

◦

0.7190

◦

0.2810

◦

0.5620

◦

0.5800

Question 2

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 15 days demand and associated prices resulted in the following data.

ΣX = 75

ΣY = 135

Σ (Y - )²= 100

Σ (Y -)(X -

a.	= 12.138 - 0.6277X
b.	R² = 0.3703
c.	F = 7.65; p-value is between .01 and .025; reject H_o and conclude that demand and unit price are related (critical F = 4.67)
d.	Yes, at $1,934

Essentials of Statistics for Business and Economics ¦ Anderson, Sweeney, Williams, Camm, Cochran ¦ 7^th Edition

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Marked as best answer by markburs on Mar 25, 2023

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Reply #1 on: Mar 25, 2023

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markburs

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Reply 2 on: Mar 25, 2023

Great answer, keep it coming

emsimon14

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Reply 3 on: Yesterday

TYSM

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