Question: A company has recorded data on the weekly sales for its product (y) and the unit price of the competitor's product (x). The data resulting from a random sample of 7 weeks follows. Use Excel's Regression Tool to answer the following questions.

Week Price Sales

1 .33 20

2 .25 14

3 .44 22

4 .40 21

5 .35 16

6 .39 19

7 .29 15

a. What is the estimated regression equation?

b. Perform a t test and determine whether or not x and y are related. Use ? ? 0.05.

c. Perform an F test and determine whether or not x and y are related. Use ? ? 0.05.

d. Find and interpret the coefficient of determination.