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
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a. Create a scattergram complete with trend line and regression equation
b. If the competitors price increases to .48, what would be the estimate of sales
c. Perform a t test and determine whether or not x and y are related. Use 0.05
d. Find and interpret the coefficient of determination.