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State the independent and dependent variables

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Reference no: EM133128116

The following data represent the daily demand ( in thousands of units) and the unit price (in dollars) for a product.

Daily Demand Unit Price

 5   2
 7   4
 9   8
12   5
10   7
13   8
16  9
16   6

Develop the estimated regression equation that can be used to predict the daily demand given the unit price.

  • State the independent and dependent variables;
  • Explain whether the regression model is significant for the data set;
  • Explain whether the coefficients are significant.  

Reference no: EM133128116

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