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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) = 1.314*(competitors) + 6.925*(population) + 13.491. Suppose the sales (in 1000s of $) to be of a store that has 4 competitors and a population of 7 thousand people within a 1 mile radius are 62.905 (1000s $). Find the residual?
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