What do we mean when we say that a simple linear regression model is "statistically" useful? a. the model is "practically" useful for predicting y. b. the model is a better predictor of y than the sample mean, . c. the model is an excellent predictor of y. d. all the statistics computed from the sample make sense.

0.038

step-by-step explanation:

step-by-step explanation:

let's assume

number of candles set =x

price of of x candles =p(x)

we are given

a candle maker prices one set of scented candles at $10 and sells an average of 200 sets each week

so, we get point as (200,10)

he finds that when he reduces the price by $1, he then sells 50 more candle sets each week

so, we can find slope

now, we can use point slope form of line

now, we can plug values

we can use point

and find b

now, we can plug it back

and we get

now, we can find revenue

we know that

revenue = price*quantity

so, we get