In order to determine a realistic price for a new product that a company wants to market the company’s research department selected 10 sites thought to have essentially identical sales potential and offered the product in each at a different price. The resulting sales are recorded in the accompanying table:
Price ($)
Sales ($1,000s)
15.00
15
15.50
14
16.00
16
16.50
9
17.00
12
17.50
10
18.00
8
18.50
19.00
6
19.50
5
c). Find the equation of the sample regression line using Minitab.
d). Interpret the meaning of the coefficients of the equation of the sample regression line.
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