Question
The file P11_41.xlsx contains data on a motel chain's revenue and advertising. Note that column C is simply column B pushed down a row. Using
The file P11_41.xlsx contains data on a motel chain's revenue and advertising. Note that column C is simply column B "pushed down" a row.
Using the variables in columns A, B, and C as potential explanatory variables, find the best-fitting regression equation for Revenue, where best-fitting means that any variables with p-values greater than 0.05 are excluded one at a time, starting with the variable with the largest p-value. Enter zero, or leave blank, coefficient and p-value for variables not used in the best-fitting regression equation. Round your answers for the coefficients to one decimal place and for the p-values to three decimal places, if necessary.
Coefficient | p-value | ||
Quarter | |||
Current Advertising | |||
Previous Advertising |
Using the best-fitting equation from part a, make predictions for the motel chain's revenues during the next four quarters. Assume that advertising during each of the next four quarters is $50,000. Enter your answers in millions. For example, an answer of $1.23 million should be entered as 1.23, not 1,230,000. Round your answers to two decimal places, if necessary.
Quarter | Predicted Revenue ($M) |
21 | |
22 | |
23 | |
24 |
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