Question: A firm does a regression analysis between demand and price. The regression model is as follows,
Demand = 7465 - 151* Price.
Please explain the meaning of the two coefficients: 7465 and -151.
Suppose in the historical data, the range of the Price data is [$15, $35], If the current price = $20, how can you use the regression model to predict the future demand? What if the current price is $12?