Let Y t be the sales during month t (in thousands of dollars) for a photography studio,
Question:
Let Yt be the sales during month t (in thousands of dollars) for a photography studio, and let Pt be the price charged for portraits during month t. The data are in the file P14_39.xlsx.
a. Use regression to fit the following model to these data: Yt = a + b1 Pt + b2Yt–1. This says that current sales are related to current price and sales in the previous month.
b. If the price of a portrait during month 21 is $30, what would you predict for sales in month 21?
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Month Sales SalesLag1 Price 1 400000 15 2 1042000 400000 12 3 1129000 1042000 24 4 1110000 1129000 1...View the full answer
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