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Suppose we would like to estimate the monthly revenue for a specific small business. The variable Monthly Revenue is measured in dollars. We will use
Suppose we would like to estimate the monthly revenue for a specific small business. The variable Monthly Revenue is measured in dollars. We will use the independent variables: X (quantitative) Quarter (Q1, Q2, Q3, or Q4) Suppose we use the command in R: lm( log(Revenue) ~ X + Quarter, data=BronlynsData) The coefficients table from the model is given below: Variable Estimate of coefficient p-value (intercept) 1 Less than 0.0001 X 1.6 Less than 0.0001 Q1 0.5 Less than 0.0001 Q2 1.0 Less than 0.0001 Q3 1.5 Less than 0.0001 For a month in Q2 where the variable X equals 2, the predicted revenue equals $_______
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