The fitted regression is Sales = 989-34 9 Price. (a-1) If Price 1, what is the p

Question

The fitted regression is Sales = 989-34 9 Price. (a-1) If Price 1, what is the prediction for Sales? (Round your answer to 1 decimal place.) (a-2) Choose the correct statement. O An increase in price decreases sales. sales O A decrease in price decreases sales. An increase in price increases s (b) If Price 17, what is the prediction for Sales? (Round your answer to the nearest whole number.) Sales (c) Choose the right option The intercept is not meaningful as a zero price is both unrealistic and unobserved. The intercept is meaningful as sales will be maximized when price is zero Hints References eBook & Resources Hint #1 show.pdf

Explanation / Answer

a-1) prediction for sales =989-34.9*1=954.1

a-2) an increase in price decreases sales

b)sales =989-34.9*17=395.7

c)

the intercept is not meaningful as a zero price is both unrealistic and unobsered.

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