Question

You have been hired by joe's gas stop to estimate a demand function for its regular gasoline sales. occordingly, you collect 50 days of data on quantity sold (the dependent variable measured in gallons) and price (the explanatory variable measured in cents per gallon). the data is shown on the "gasoline demand data" tab and an x-y scatter of the data is shown at right. you use the "data analysis add-in" to estimate the regression results shown below:

Answer 1

(a) Sample correlation ==> -0.7916
(b) Standard Deviation for Quantity ==> 801.6816
(c) Standard Deviation for Price ==> 39.1660
(d) Relation to coefficient on Price ==> −16.2028