The following data relate to the sales of a product over an eight-month period: Month January February March April May June July August Sales (Units) 56 72 70 65 68 75 66 67 Price ( £) 75 65 59 69 49 59 59 59 a. Investigate whether sales are affected more by the level of price or by the change in price of the Product.
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The following data relate to the sales of a product over an 8-month period:
MONTH
Jan
Feb
Mar
Apr
May
June
July
Aug
Sales (units)
56
72
70
65
68
75
66
67
Price ($)
75
65
59
69
69
49
59
59
a) Investigate whether sales are affected more by the level of price or by the change in price of the product.
b) Interpret the regression coefficient of the explanatory variable.
c) Forecast sales in September if price is $65.
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