Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Observations are taken on sales of a certain mountain bike in 30 sporting goods stores. The regression model was Y= total sales (thousands of
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 dollars), X3 = advertised price (dollars per unit). %3D Predictor Coefficient Intercept FloorSpace CompetingAds 1,235.09 12.20 -6.855 Price -0.1454 (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.) FloorSpace+ CompetingAds + * Price + (d) Make a prediction for Sales when FloorSpace 115, CompetingAds 105, and Price = 1,171. (Enter your answer in thousands. Round your answer to 2 decimal places.) Sales $ thousand
Step by Step Solution
★★★★★
3.38 Rating (148 Votes )
There are 3 Steps involved in it
Step: 1
Answer a The fitted regression is given by y b 0 b 1 X 1 b 2 X 2 b 3 X 3 Here b0b1b3 are t...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started