Answer to Question #74283 in Microeconomics for Zulfiqar Ali

Question

Koonj manufacturing has collected the following data on quantity sold and price
Period 1 2 3 4 5 6 7 8 9 10
Quantity 2800 3300 2400 3300 3600 2600 2000 3000 3800 3200
Price 100 80 140 60 80 140 180 80 60 100
(a) use the least squares regression technique to estimate the linear relationship between quantity and price.
(b) Evaluate the strength of the relationship between quantity and price by computing the t-statistics and R^2