The Pilot Pen Company has decided to use 15 test markets to examine the sensitivity of demand for its new product to var

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The Pilot Pen Company has decided to use 15 test markets to
examine the sensitivity of demand for its new product to various
prices, as shown in the following table. Advertising effort was
identical in each market. Each market had approximately the same
level of business activity and population.
Complete the following worksheet and then estimate the demand
function for Pilot's new pen using a linear regression model.
Test Market
Price Charged
Quantity Sold
(cents)
(Thousands of Pens)
Regression Parameters
Estimations
What is the standard error of the estimate (se)?
1.674
1.407
105.103
What is the estimate of the standard deviation of the estimated
slope (sb)?
0.025
1.896
0.030
Can you reject the hypothesis (at the 0.05 level of
significance) that there is no relationship (i.e., β=0β=0)
between the price and quantity variables?
(Hint: t0.025,13=2.16t0.025,13=2.16)
Yes
No