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) = 1.933*(competitors) + 6.138*(population) + 6.445. Suppose the sales (in 1000s of $) to be of a store that has 6.737 competitors and a population of 9.746 thousand people within a 1 mile radius are 50.18 (1000s $). What is the residual?
a) 29.1086 b) We do not know the observations in the data set, so we cannot answer that question. c) 72.5516 d) -29.1086 e) 22.6636
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