TABLE 13-2A candy bar manufacturer is interested in trying t…
TABLE 13-2A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price of their product. To do this, the company randomly chooses 6 small cities and offers the candy bar at different prices. Using candy bar sales as the dependent variable, the company will conduct a simple linear regression on the data below: SUMMARY OUTPUT Regression Statistics Multiple R 0.885404 R Square 0.783941 Adjusted R Square 0.729926 Standard Error 16.29861 Observations 6 ANOVA df SS MS F Significance F Regression 1 3855.422 3855.422 14.51346 0.018946 Residual 4 1062.578 265.6446 Total 5 4918 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 161.3855 26.16069 6.16901 0.003506 88.75183 234.0193 88.75183 234.0193 price -48.1928 12.65017 -3.80965 0.018946 -83.3153 -13.0703 -83.3153 -13.0703 Referring to the above Table, to test whether a change in price will have any impact on average sales, what would be the critical values? Use α = 0.05.