Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose we created the model below, where sqrt(RadioBudget) represents the square root of the variable RadioBudget. Suppose the variables Revenue, TVbudget, RadioBudget, and Fackbook budget
Suppose we created the model below, where sqrt(RadioBudget) represents the square root of the variable RadioBudget. Suppose the variables Revenue, TVbudget, RadioBudget, and Fackbook budget are all given in thousand dollars. Suppose that there are three values for Segment: A, B, and C. Model <- lm(Revenue ~ log(TVbudget) + sqrt(RadioBudget) + (FacebookBudget)^2 + Segment) summary(Model) We obtain the output below. Variable Estimate of coefficient p-value (intercept) 31 Less than 0.0001 log(TVbudget) 3.4 Less than 0.0001 sqrt(RadioBudget) 5.6 Less than 0.0001 (FacebookBudget)^2 0.8 Less than 0.0001 Segment B 10 Less than 0.0001 Segment C 11 Less than 0.0001 Assume that the model accurately matches the patterns in the data. When we control for TV budget, Radio Budget, and Facebook budget, the predicted profit is ______ thousand dollars higher in Segment C than Segment A
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started