Chapter 5 from the book: Keat, P., Young, P., Erfle, S. (2013). Managerial Economics (7th ed). Pearson.

Q2

Would there be any differences in the set of variables used in a regression model of the demand for consumer durable goods (e.g., automobiles, appliances, furniture) and a regression model of the demand for "fast-moving consumer goods" (e.g., food, beverages, personal care products)? Explain.

Q3

Summarize the steps involved in conducting thet-test. What is the basis for using the "rule of 2" as a convenient method of evaluatingt-ratios?

Q5

Briefly explain the meaning of theF-test. Why do you think this test is considered to be more important in multiple regression analysis than it is in simple regression analysis?