Question
Costco sells paperback books in their retail stores and wanted to examine the relationship between price...
Costco sells paperback books in their retail stores and wanted to examine the relationship between price and demand. The price of a particular novel was adjusted each week and the weekly sales were recorded in the table below.
| Sales | Price |
| 3 | $12 |
| 4 | $11 |
| 6 | $10 |
| 10 | $9 |
| 8 | $8 |
| 10 | $7 |
Management would like to use simple regression analysis to
predict sales for this novel using the price of
the novel.
Use Excel to answer the following questions. You can copy and paste the data into excel or use the provided excel file (attached below).
q4 final exam.xlsx
a). (10) Use Excel to find the intercept and slope for the regression. Report the 2 values.
b). (10) Interpret the intercept and the slope from a).
c). (5) Predict sales for the novel when priced at $9.
Homework Answers
Answer #1
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