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In order to determine the relationship between the price of an item (X) and the quantity...

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Basic Math

In order to determine the relationshipbetween the price of an item (X) and the quantity sold (Y), theprice of the item was varied over 10 consecutive days. Thefollowing data are the results of the study.

          SX = 60,SX2 = 436, SY = 63, SY2 = 469, SXY = 335, SSR= 24.3289

  1. Develop the least squares estimated regression line.
  2. Calculate SSE.
  3. Perform a t test and determine whether or not the slope issignificantly different from zero. Let a = 0.05.  
  4. At a = 0.05, perform an F test to determine if the regressionmodel is significant.
  5. Develop a 90% confidence interval for estimating the meanquantity sold for those days when the price was $6.

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