Q. A regression analysis between sales (in $1000) and price (in dollars) resulted in the following equation: ! = 50,000 - 8X The above equation implies that an ________ (Solved)
1. increase of $1 in price is associated with a decrease of $8 in sales
2. increase of $8 in price is associated with an increase of $8,000 in sales
3. increase of $1 in price is associated with a decrease of $42,000 in sales
4. increase of $1 in price is associated with a decrease of $8000 in sales
- d. increase of $1 in price is associated with a decrease of $8000 in sales