Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose we would like to estimate the monthly Profit for a specific small business. The dependent variable Profit, which is measured in dollars. We will

Suppose we would like to estimate the monthly Profit for a specific small business. The dependent variable Profit, which is measured in dollars. We will use the independent variables: Investment (measured in dollars) Category (1, 2, 3, 4) Suppose we use the command in R: lm(Profit ~ Investment + Season, data=StoreData) The coefficients table from the model is given below: Variable Estimate of coefficient p-value (intercept) 2,000 Less than 0.0001 Investment 1.7 Less than 0.0001 Category1 3,000 Less than 0.0001 Category2 5,000 Less than 0.0001 Category3 7,000 Less than 0.0001 For a month where the Investment is $3,500, the predicted revenue in Cetegory3 equals $_______ . Your

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematical Applications For The Management, Life And Social Sciences

Authors: Ronald J. Harshbarger, James J. Reynolds

12th Edition

978-1337625340

More Books

Students also viewed these Mathematics questions

Question

At the generating station power is..........?

Answered: 1 week ago

Question

The maximum number of electrons in a shell can be?

Answered: 1 week ago

Question

True or false The entire human population shows variations?

Answered: 1 week ago

Question

National park in India?

Answered: 1 week ago

Question

How did the guard ant recognise this ant ?

Answered: 1 week ago