Question
Suppose the sales (1000s of $) of a fast food restaurant are a linear function of the number of competing outlets within a 5 mile
Suppose the sales (1000s of $) of a fast food restaurant are a linear function of the number of competing outlets within a 5 mile radius and the population (1000s of people) within a 1 mile radius. The regression equation quantifying this relation is (sales) = 1.306*(competitors) + 5.22*(population) + 8.766. What would you expect the sales (in 1000s of $) to be of a store that has 5 competitors and a population of 14 thousand people within a 1 mile radius?
Question 10 options:
1)88.376
2)53.15
3)70.844
4)79.61
5)We do not know the observations in the data set, so we cannot answer that question.
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