Les15 - Question 1 0.5 out of 0.5 points Correct A...

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Sheet1 Page 1 Question 1 0.5 out of 0.5 points Correct A regression analysis between demand (y in units of our good) and price (x in dollars) resulted in the following equatio n y = 9000 ¶ 3000x The equation above implies that if the price is increased by $1, the demand is expected to Question 1 answers Selected Answer: Correct decrease by 3,000 units. Correct Answer: Correct decrease by 3,000 units. Feedback: Excellent job interpreting the equation. Question 2 text Question 2 0.5 out of 0.5 points Correct In a regression analysis if r2 = 1, then Question 2 answers Selected Answer: Correct SSE must be equal to zero. Correct Answer: Correct SSE must be equal to zero. Feedback: Excellent job bringing this together to make the right conclusion. Question 3 text Question 3 0.5 out of 0.5 points Correct A regression analysis between sales (in $) and price (in $) resulted in the following equation. y = 50,000 : 8,000x The above equation implies that an Question 3 answers Selected Answer: Correct increase of $1 in price is associated with a decrease of $8,000 in sales. Correct Answer: Correct increase of $1 in price is associated with a decrease of $8,000 in sales. Feedback: Excellent job interpreting the equation. Question 4 text Question 4 0.5 out of 0.5 points Correct Regression analysis was applied between sales (in $) and advertising (in $), and the following regression function was y = 500,000 + 40x Based on the estimated regression line above, if advertising is $10,000, then the point estimate for sales (in dollars) is Question 4 answers Selected Answer: Correct $900,000. Correct Answer: Correct
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This note was uploaded on 10/08/2010 for the course ECON 210 taught by Professor Flynn during the Spring '10 term at North Dakota.

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Les15 - Question 1 0.5 out of 0.5 points Correct A...

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