12.54 John Swanson, president of Market Research Inc., has asked you to estimate the coefficients of the
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12.54 John Swanson, president of Market Research Inc., has asked you to estimate the coefficients of the model Y = b0 + b1X1 + b2X21
+ b3X2 where Y is the expected sales of office supplies for a large retail distributor of office supplies, X1 is the total disposable income of residents within 5 miles of the store, and X2 is the total number of persons employed in information-based businesses within 5 miles of the store. Recent work by a national consulting firm has concluded that the coefficients in the model must have the following restriction:
b1 + b2 = 2 Describe how you would estimate the model coefficients using least squares.
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Related Book For
Essential Mathematics And Statistics For Science
ISBN: 9780470694480
2nd Edition
Authors: Graham Currell, Dr. Antony Dowman
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