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Examine the relationship between price and demand

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Reference no: EM131077379

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 estimate weekly demand for this novel using the price of the novel.The average weekly sales for the novel when priced at $9 is

  • 5.32
  • 4.70
  • 6.22
  • 7.56

Mangement would like to use simple regression analysis to estimate weekly demand for this novel using the price of the novel.The coefficient of determination for this sample is

  • .336
  • .830
  • .881
  • .624

The correlation coefficient for this data is

  • .197
  • -.910
  • -.402
  • -.623

Management would like to use simple regression analysis to estimate weekly demand for this novel using the price of the novel.The slope for the regression is

  • -1.457
  • -.920
  • -.584
  • -.675

Reference no: EM131077379

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