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:
(see table in attached file)
Referring to the table what is the estimated slope parameter for the candy bar and sales data?
Solution contains calculations of the estimated slope parameter for the candy bar and sales data.