Answered

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The iPhone six has been out for few years now and a lot of data has been collected. A marketing firm wants to model the price (p) of an iPhone six and Weekly Demand (s). Below is a table of data that have been collected.

Price =
, ($) Weekly Demand =
, (1,000s)
150 213
170 204
190 199
210 190
230 181
250 175

Round answers to 3 decimal places.
a) Find the correlation coefficient, be careful with the sign.

b) Perform a hypothesis test to see if the correlation is statistically significant. What is the p-value?


c) Is the correlation statistically significant at the 0.1 significance level?
?

d) Find the linear model that best fits this data using regression and enter the model below. Be careful what letter(s) you use.




c) What does the model predict will be the weekly demand if the price of an iPhone six is $238?


thousand

d) According to the model at what should the price be set in order to have a weekly demand of 182,600 iPhone sixes? Hint: Set weekly demand at 182.6 and solve for price. Round your answer to the nearest dollar.

$

Sagot :

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