Q6. The following regression model was estimated. Q is the number of meals served, P is the average price per meal (customer ticket amount, in dollars), Px is the average price charged by competitors (in dollars), Ad is the local advertising budget for each outlet (in dollars), andI is the average income per household in each outlet's immediate service area. Least squares estimation of the regression equation on the basis of the 25 data observations resulted in the estimated regression coefficients and other statistics given in Table below. [10]

Variable

Coefficient

Standard Error of Coefficient

Intercept

Price (P)

Competitor Price (Px)

Advertising (Ad)

Income (I)

Coefficient of determination R²=83.3%

128832.240

-19875.954

15467.936

0.261

8.780

69974.818

4100.856

459.280

0.094

1.017

(a) Interpret the coefficients of independent variables.

(b) Test the significance of independent variables at 5% level of Significance.

(c) Interpret R² with the help of adjusted R².

(d) Test for the overall significance of the regression.

(e) Explain the nature, causes, consequences and remedial measures of any one data disease (Auto/Hetro/Multi) if present in the given model.