econom

Assignment 1

ECO 562

Answers Due 2/9 11:59pm on D2L

[5 Points]

1. [2 Points] Instruct ChatGPT 4o to flip 1,000,000 coins and save it to an Excel Spreadsheet. Make

the chat sharable and provide the link as your response.

2. Consider the attached ‘Assignment 1_ECO 562.xlsx’, which contains a full year’s worth of

revenue and sales volume for headphones.

a. [1 Point] Instruct ChatGPT 4o to estimate the regression below:

Revenue = 𝑚 ∗ Sales Volume + 𝑏 + 𝑒

Provide the chat to the link, as well as the estimated 𝑚 and 𝑏 (with p-values).

b. [1 Point] Interpret the estimated value of 𝑚 and 𝑏 from a statistical standpoint,

including the p-values. (You may not use GPT to answer the question on your behalf for

this question)

c. [1 Point] Interpret the estimated value of 𝑚 and 𝑏 from a business standpoint. (You may

not use GPT to answer the question on your behalf for this question)