Estimate a linear demand function for the Sunshine Valley brand by calculating the simple regression of units sold (SVE) on weekly average price (SVAVPR). Include the following:
a. Your regression output. Note: it is unnecessary to include a listing of the data and a listing of the residuals. On the output mark the total variation for the dependent variable, the coefficient of determination, the standard error of estimate, and the intercept and slope coefficients.
b. A plot of the residual values as a function of weekly average price.
c. A calculation of the estimate of the demand for the Sunshine Valley brand at prices of $25, $30, and $35.
d. A brief summary as to the usefulness of your model as a demand function for Sunshine Valley. What is good and bad with this model beyond that there may be other variables that we might include.© BrainMass Inc. brainmass.com June 4, 2020, 2:47 am ad1c9bdddf
The solution provides detailed explanation how to solve linear regression problem.