Answered

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Consider the following data concerning the demand (y) and price (x) of a consumer product the least squares line is found to be y= 306,619-27.71.x

A) Interpret b1
B) find a point prediction of the demand corresponding to be price 2.10
C) Find %95 confidence interval for b1 and interpret it

Consider The Following Data Concerning The Demand Y And Price X Of A Consumer Product The Least Squares Line Is Found To Be Y 3066192771x A Interpret B1 B Find class=

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The value of B1 shows a fall in demand as price rises by a unit. The point prediction is given as y = 306,560.8

How to solve the question using the intercept

The regression equation shows that y= 306,619-27.71.x

b1 = -27.71

The interpretation for b1 is that if the price of this good is increased by 1, then the demand for the good would fall by about 27.71.

The point prediction for demand

The regression line equation is given as

y= 306,619-27.71.x

when x which is price is = 2.10

Then the value of y would be:

y = 306,619 - 27.71*2.10

y = 306,560.8

c. a 95% C1 for B1 is given as:

1.96 * 27.71.

= 54.31

Read more on regression lines equations here:

https://brainly.com/question/25987747

#SPJ1

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