value p ofan advertisemnet on its consumer approval rating A. Afterinterviewing

Question

value p ofan advertisemnet on its consumer approval rating A.

Afterinterviewing 8 focus groups they came up with the

followingdata:

   $1000                                 32%

   $2000                                 33%

   $3000                                 46%

   $3500                                 55%

   $3600                                 61%

   $3800                                 65%

   $4000                                 69%

   $5000                                 70%

percentage as afunction of p.

tell you.

worse thanyour estimate of A' ($3500)? Why?

PLEASE, EXPLAIN YOUR ANSWERS. Best answer will have all the points. Thank you. Be specific.

Explanation / Answer

Linear Regression Result : A(p)= .0606*p + .2661
R = 0.9398

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