Given the weekly price and quantity (Qx and (Px) data for Andy’s ice cream over the past 12 weeks and the price of another ice-cream flavor (Po) as: Qx 84 82 85 83 82 84 87 81 82 79 82 78 Px 8.50 9.00 8.75 9.25 9.50 9.25 8.25 10.00 10.00 10.50 9.50 10.25 Po 5.25 6.00 6.00 6.50 6.25 6.25 5.25 7.00 7.25 7.25 6.75 7.25 a. Use excel regression to estimate the weekly demand for Andy’s ice-cream (attach the output of the regression estimate (Hint: Use regression in excel to find the estimated demand function: Enter the data in excel, click on Data Analysis, and use the regression command). b. Are the coefficients on the two prices statistically significantly different from zero at the 5% significance level? How do you know? c. What the R2? d. Explain what R2 means.
Given the weekly price and quantity (Qx and (Px) data for Andy’s ice cream over the past 12 weeks and the price of another ice-cream flavor (Po) as: Qx 84 82 85 83 82 84 87 81 82 79 82 78 Px 8.50 9.00 8.75 9.25 9.50 9.25 8.25 10.00 10.00 10.50 9.50 10.25 Po 5.25 6.00 6.00 6.50 6.25 6.25 5.25 7.00 7.25 7.25 6.75 7.25 a. Use excel regression to estimate the weekly demand for Andy’s ice-cream (attach the output of the regression estimate (Hint: Use regression in excel to find the estimated demand function: Enter the data in excel, click on Data Analysis, and use the regression command). b. Are the coefficients on the two prices statistically significantly different from zero at the 5% significance level? How do you know? c. What the R2? d. Explain what R2 means.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 23PPS
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Given the weekly price and quantity (Qx and (Px) data for Andy’s ice cream over the past 12 weeks and the price of another ice-cream flavor (Po) as:
| Qx | 84 | 82 | 85 | 83 | 82 | 84 | 87 | 81 | 82 | 79 | 82 | 78 |
| Px | 8.50 | 9.00 | 8.75 | 9.25 | 9.50 | 9.25 | 8.25 | 10.00 | 10.00 | 10.50 | 9.50 | 10.25 |
| Po | 5.25 | 6.00 | 6.00 | 6.50 | 6.25 | 6.25 | 5.25 | 7.00 | 7.25 | 7.25 | 6.75 | 7.25 |
a. Use excel regression to estimate the weekly demand for Andy’s ice-cream (attach the output of the regression estimate (Hint: Use regression in excel to find the estimated demand
b. Are the coefficients on the two prices statistically significantly different from zero at the 5% significance level? How do you know?
c. What the R2? d. Explain what R2 means.
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