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Author Question: A company has recorded data on the daily demand for its product (Y in thousands of units) and the ... (Read 73 times)

markburs

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on: Mar 25, 2023

Question 1

We are interested in testing the following hypotheses.

 

H0:  P1- P2≤ 0
Ha:  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 Ho 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 ¦ 7th Edition
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Marked as best answer by markburs on Mar 25, 2023

dsfhkjdfaskjfdsjk

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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 :)

adammoses97

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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