based on the above estimated regression equation, if price is increased by 6 units, then demand is expected to

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05-12-2022
Mathematics

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based on the above estimated regression equation, if price is increased by 6 units, then demand is expected to

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Tutorconsortium704 Tutorconsortium704 · Answer 1 · 2022-12-17T01:37:19-05:00

Therefore demand is "decreased by 100 units".

What is predicted value in regression?

Given the values of X, we can predict the values of Y using the regression line. We go directly up to the line for any given value of X, then move horizontally to the left to get the value of Y. The expected value of Y is abbreviated Y' and is known as the predicted value of Y.

[tex]$\begin{aligned}& \hat{y}=130-20 x \\& \hat{y}=\text { demand of product } \\& x=\text { price of product }\end{aligned}$[/tex]

Given [tex]$x$[/tex], increased by 5 units

[tex]$\begin{aligned}& \hat{y}=130-20(x+5)=130-20 x-100 \\& \hat{y}=30-20 x\end{aligned}$[/tex]

Therefore demand is "decreased by 100 units"

Complete question: Regression analysis was applied between demand for a product (y) and the price of the product (x), and the following estimated regression equation was obtained. ŷ = 130 − 20x Based on the above estimated regression equation, if price is increased by 5 units, then demand is expected to: increase by 100 units. decrease by 20 units. increase by 130 units. decrease by 100 units.

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