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Candy Bar Sales - Simple Regression Analysis

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A 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:

City Price ($) Sales
River Falls 1.3 100
Hudson 1.6 90
Ellisworth 1.8 90
Prescott 2 40
Rock Elm 2.4 38
Stillwater 2.9 32

a. What is the estimated average change in the sales of the candy bar if price goes up $1.00?

b. What percent of the total variation in candy bar sales is explained by prices?

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Solution Summary

The solution files (Word and Excel) contains the PHStat workout for the regression analysis and answers to the questions.

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