ABC Corporation has used regression analysis to perform price elasticity analysis.

| November 19, 2015

Question 1:

ABC Corporation has used regression analysis to perform price elasticity analysis. In doing so management regressed the quantity demanded (y variable) against price (x variable) with the following results:

Multiple R .86798 

Adjusted R squared .72458, 

Standard error 542.33

Intercept 56400.50

Price coefficient –4598.20

What percentage of the variation in quantity demanded is explained by price?

A) 86.798%

B) 72.45%

C) 56.4%

D) 54.23%

Question 2:

ABC Corporation has used regression analysis to perform price elasticity analysis. In doing so management regressed the quantity demanded (y variable) against price (x variable) with the following results:

Multiple R .86798

Adjusted R squared .72458, 

Standard error 542.33

Intercept 56400.50

Price coefficient –4598.20

Calculate the predicted quantity demanded if price is set at $ 7.00. 

A) 31,234

B) 88,588

C) 24,213

D) 18,454 

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