Suppose the Sherwin-Williams Company is interested in developing a simple regression model with paint sales (Y) as the d

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Suppose the Sherwin-Williams Company is interested in developing
a simple regression model with paint sales (Y) as the dependent
variable and selling price (P) as the independent variable.
Complete the following worksheet and then use it to determine
the estimated regression line.
Sales Region
Selling Price
Sales
($/Gallon)
(x 1000 Gal)
Regression Parameters
Estimations
In words, for a dollar increase in the selling price, the
expected sales will by gallons
in a given sales region.
What is the standard error of the estimate (se)?
13.428
15.952
14.709
What is the estimate of the standard deviation of the estimated
slope (sb)?
2.377
2.604
2.824
Can you reject the hypothesis (at the 0.05 level of
significance) that there is no relationship (i.e., β=0β=0)
between the variables?
(Hint: t0.025,8=2.306t0.025,8=2.306)
Yes
No