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Please image for question, thanks! You work for Mut the Custard, a frozen custard company. You've collected data on monthly sales (S, number of regular-sized

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You work for Mut the Custard, a frozen custard company. You've collected data on monthly sales (S, number of regular-sized frozen custards per month) the price of your regular-sized frozen custard (P, in dollars], and the population size in the different cities in which your company operates (N, number of people; you currently only have one establishment in each city). You estimate the following regression model: S = a + bP + cN. In your regressions, you usually look for a 10%-or-better level of confidence. a. What signs do you expect for a, b, and c? b. Your regression yields the following results: Adjusted R Square 0.688 Independent Variables Coefficients Standard Error t Stat P-value Intercept 7763 2125 3.654 0.01469 P -683.55 169.60 -4.030 0.01002 N 0.0009 0.0079 0.109 0.91762 Interpret what these coefficients mean. C. Does price have a statistically significant effect on sales? d. Does population have a statistically significant effect on sales? e. What portion of the total variation in sales remains unexplained? f. Mut the Custard is considering selling in a new city, where the population is 134,000, and setting its regular-sized frozen custard price at $7.49. What level of monthly sales would you expect in this new city (rounded to the nearest unit)

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