00:01
For this problem, we are given this statistical software printout, and for the first question, we are as to write down the regression equation to estimate weekly demand from price.
00:09
So we can see that our two variables would be, well, the intercept, that's the constant value, and the price.
00:15
So the intercept is 1167 .4, so we can see that that corresponds to option e, and then the price coefficient is negative 328 .7, which is as we have here, so our correct option is e.
00:28
Then we're asked, how much is the demand for the toothpaste expected to increase by a one pound decrease in its price? so, if the price decreases by one pound, the increase would be equal to the negative of this coefficient on x on the price.
00:50
So it would be positive 328 .7.
00:55
Then for question 23, is there evidence of a relationship between weekly demand and price at the 0 .3? 05 significance level.
01:03
So for that, we presumably would have that our f score here is 48 .30, and the p value is 0 .001.
01:15
So since that p value is less than 0 .05, we can conclude that yes, there is evidence.
01:21
Then we're asked, what percent of the variation in demand is explained by changes in price? so that is effectively going to be the value of our r squared...