Shown below is a portion of a computer output for a regression analysis relating Y demand) and X unit price).
ANOVA
a. Perform a t test and determine whether or not demand and unit price are related. Let α = 0.05.
b. Perform an F test and determine whether or not demand and unit price are related. Let α = 0.05.
c. Compute the coefficient of determination and fully interpret its meaning. Be very specific.
d. Compute the coefficient of correlation and explain the relationship between demand and unit price.
Correct Answer:
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c. R² = 0.617; 61.7% of the...
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