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A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures. y^=27+10x1+7x2 where x1x2y=inventoryinvestment($1,000s)=advertisingexpenditures($1,000s)=sales($1,000s). (a) Predict the sales (in
A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures. y^=27+10x1+7x2 where x1x2y=inventoryinvestment($1,000s)=advertisingexpenditures($1,000s)=sales($1,000s). (a) Predict the sales (in dollars) resulting from a $14,000 investment in inventory and an advertising budget of $11,000. $ (b) Interpret b1 and b2 in this estimated regression equation. Sales can be expected to increase by $ for every dollar increase in inventory investment when advertising expenditure is held constant. Sales can be expected to increase by $ for every dollar increase in advertising expenditure when inventory investment is held constant
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