only part 4. Data collected from supermarket checkout counters can be used to evaluate the effect ofprice on the sales of any product. Weekly data was collected on a particular beveragebrand, including sales (y, in number of units) and price (r, in dollars) from 8 stores. Inthe sample data, r has a sample mean of 20 and a sample standard deviation of 2, while yhas a sample mean of and a sample standard deviation of 9 The sample correlationbetween r and y is -0.8. 172(1) Compute the simple linear regression equation(2) Carry out a test at significance level 0.01 to decide whether there is a linear rela-tionship between z and y. Your conclusion should be based on a P-value. You mayuse bounds for the P-value.(3) Would the conclusion of (2) have changed if you had tested appropriate hypothesesto decide whether there is a negative linear association in the population? Explain.(4) How would the estimates of Bo, B1, and o change if n 8? Explain.

Name: only part 4. Data collected from supermarket checkout counters can be
Uploaded: 2024-03-20T06:46:03.000Z
Channel: Bartleby
Description: only part 4. Data collected from supermarket checkout counters can be used to evaluate the effect ofprice on the sales of any product. Weekly data was collected on a particular beveragebrand, including sales (y, in number of units) and price (r, in d

Question

only part 4. Data collected from supermarket checkout counters can be used to evaluate the effect ofprice on the sales of any product. Weekly data was collected on a particular beveragebrand, including sales (y, in number of units) and price (r, in dollars) from 8 stores. Inthe sample data, r has a sample mean of 20 and a sample standard deviation of 2, while yhas a sample mean of and a sample standard deviation of 9 The sample correlationbetween r and y is -0.8. 172(1) Compute the simple linear regression equation(2) Carry out a test at significance level 0.01 to decide whether there is a linear rela-tionship between z and y. Your conclusion should be based on a P-value. You mayuse bounds for the P-value.(3) Would the conclusion of (2) have changed if you had tested appropriate hypothesesto decide whether there is a negative linear association in the population? Explain.(4) How would the estimates of Bo, B1, and o change if n > 8? Explain.

Accepted Answer

If the sample size increases from 8, then the standard deviation, σ decreases.