How much evidence is there that the slope

Assignment Help Basic Statistics

Reference no: EM133357603

Question: Sunshine Industries produces Sunny, a brand of pulp free orange juice. In order to study the relationship between price and quantity demanded for the medium bottle of Sunny, the company has collected data concerning demand for it over the last 30 sales periods (each sales period is one month).

In the data file,

Q_D = the quantity demanded of the medium bottle of Sunny (in thousands of bottles) in the sales period;

P-diff = the difference between the average industry price (in dollars) of competitors' similar orange juice and the price (in dollars) of Sunny offered by Sunshine Industries in the sales period.

G. Using the t-statistic and an appropriate critical value, test Ho: B1 = 0 versus Ha: B1 0 by setting a = to .01. Is the slope (regression relationship) significant at the .01 level?

H. Find the p-value for testing Ho : B1 = 0 versus Ha: B1 ≠ 0 on the output and report its value. Using the p-value, determine whether we can reject Ho by setting a equal to .10, .05, .01, and .001. How much evidence is there that the slope (regression relationship) is significant?

I. Calculate the 95 percent confidence interval for β1 using numbers on the output. Interpret the interval.

PriceDif	Q_D
-0.05	7.38
0.25	8.51
0.60	9.52
0.00	7.50
0.25	9.33
0.20	8.28
0.15	8.75
0.05	7.87
-0.15	7.10
0.15	8.00
0.20	7.89
0.10	8.15
0.40	9.10
0.45	8.86
0.35	8.90
0.30	8.87
0.50	9.26
0.50	9.00
0.40	8.75
-0.05	7.95
-0.05	7.65
-0.10	7.27
0.20	8.00
0.10	8.50
0.50	8.75
0.60	9.21
-0.05	8.27
0.00	7.67
0.05	7.93
0.55	9.26

Reference no: EM133357603

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