[CUSTOM SOLUTION] Product Purchased

Question 1 – Week 4 Tutorial (7 marks) Use the following data provided in the table below to calculate the correlation “r” between the price of a product ($) and the quantity of the product purchased per week.Price ($) Quantity of the Product Purchased per week10 2020 1530 1030 1140 980 890 690 4120 2130 1a) Estimate the slope (b1) and intercept coefficients (b0) and write the equation of the regression line (5 marks)Step 1: Calculate b1 (3 marks)Step 2: Calculate b0 (1 mark) Step 3: Write the equation of the regression line (1 mark)b) Calculate the coefficient of determination R2 and interpret (2 marks)HA1011 Applied Quantitative Methods – Tutorial Questions Assignment 3

 

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