Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer please Observations are taken on sales of a certain mountain bike in 30 sporting goods stores. The regression model was Y= total sales (thousands

answer please image text in transcribed
image text in transcribed
Observations are taken on sales of a certain mountain bike in 30 sporting goods stores. The regression model was Y= total sales (thousands of dollars), X1= display floor space (square meters), X2= competitors' advertising expenditures (thousands of dollats). X3= advertised price (dollars per unit). (a) Write the fitted regression equation. (Round your coefficient CompetingAds to 3 decimal places, coefficient Price to 4 decimal places, and other values to 2 decimal places. Negative values should be indicated by a minus sign.) 9= - CompotingAds + - Price (b-1) The coefficient of FloorSpace says that each additional square foot of floor space takes away 12.2 from sales (in thousands of dollars). adds about 6.855 to sales (in thousands of dollars). adds about 12.2 to sales (in thousands of dollars). (b-3) The coefficient of Price says that each additional $1 of advertised price reduces sales by about 6.855 from sales (in thousands of dollars). takes away 12.2 from sales (in thousands of dollars). adds about 6.855 to sales (in thousands of dollars). reduces sales by about 0.1454 from sales (in thousands of dollars). (c) The intercept is not meaningful, since a mountain bike cannot sell for zero, which will happen if all the variables are zero. True (d) Make a prediction for Sales when FloorSpace =115, Competing dd s a 105, and Price =1,171. (Enter your answer in thousand Round your answer to 2 decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Design Implementation And Audit Of Occupational Health And Safety Management Systems

Authors: Ron C. McKinnon

1st Edition

1032571039, 978-1032571034

More Books

Students also viewed these Accounting questions

Question

Find y'. y= |x + X (x) (x) X 1 02x+ 2x 1 O 2x + 1/3 Ex 2x +

Answered: 1 week ago