regression line is y=2813.32+1577.58x
here is the info for y (Qi) and x (Pi)
Qi Pi
892 1.23
1012 1.15
1060 1.10
987 1.20
680 1.35
739 1.25
809 1.28
1275 0.99
946 1.22
874 1.25
720 1.30
1096 1.05
here is the results if an ordinary least squares test is run
Model 6: OLS, using observations 1-12
Dependent variable: Qi
coefficient std. error t-ratio p-value
--------------------------------------------------------
const 2813.32 175.324 16.05 1.83e-08 ***
Pi -1577.58 145.883 -10.81 7.72e-07 ***
Mean dependent var 924.1667 S.D. dependent var 174.6695
Sum squared resid 26437.23 S.E. of regression 51.41715
R-squared 0.921225 Adjusted R-squared 0.913347
F(1, 10) 116.9436 P-value(F) 7.72e-07
Log-likelihood -63.21299 Akaike criterion 130.4260
Schwarz criterion 131.3958 Hannan-Quinn 130.0669
the question is as follows: For the regression of Qi on Pi, calculate the prediction for sales if the price of hamburgers (Pi) is set at 1.00, 1.60, and 0.40. I am stuck and have been trying different methods to solve this question for awhile now, any help would be greatly appreciated.
here is the info for y (Qi) and x (Pi)
Qi Pi
892 1.23
1012 1.15
1060 1.10
987 1.20
680 1.35
739 1.25
809 1.28
1275 0.99
946 1.22
874 1.25
720 1.30
1096 1.05
here is the results if an ordinary least squares test is run
Model 6: OLS, using observations 1-12
Dependent variable: Qi
coefficient std. error t-ratio p-value
--------------------------------------------------------
const 2813.32 175.324 16.05 1.83e-08 ***
Pi -1577.58 145.883 -10.81 7.72e-07 ***
Mean dependent var 924.1667 S.D. dependent var 174.6695
Sum squared resid 26437.23 S.E. of regression 51.41715
R-squared 0.921225 Adjusted R-squared 0.913347
F(1, 10) 116.9436 P-value(F) 7.72e-07
Log-likelihood -63.21299 Akaike criterion 130.4260
Schwarz criterion 131.3958 Hannan-Quinn 130.0669
the question is as follows: For the regression of Qi on Pi, calculate the prediction for sales if the price of hamburgers (Pi) is set at 1.00, 1.60, and 0.40. I am stuck and have been trying different methods to solve this question for awhile now, any help would be greatly appreciated.