It defines a straight line relationship between a dependent variable (Y) and an independent variable (X) in terms of the Y intercept (a) and the slope (b) of the line. The Appendix to this Study Guide includes information about these programs and sample problems that demonstrate their use.Įquation 4–1 is a linear function. The Regression Analysis Calculator, the Descriptive Statistics Calculator, and the Data Manager programs in Analytical Business Calculator are designed to perform these types of calculations. The problems in this chapter require calculations that involve statistical analysis. Consequently, it is crucial that you approach this chapter with the goal of developing a thorough knowledge of regression procedures. Regression analysis is an essential tool of managerial economics, not only for the estimation of demand, but for other applications as well.
Primary among these is regression analysis, a statistical technique that is used to estimate the parameters of mathematical functions from empirical data. After working through this chapter, you should be conversant with the methods that can be applied to the estimation of demand.
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