Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The owner of Showtime Movie Theaters, Inc., used multiple regression analysis to predict gross revenue (y) as a function of television advertising ((131) and newspaper
The owner of Showtime Movie Theaters, Inc., used multiple regression analysis to predict gross revenue (y) as a function of television advertising ((131) and newspaper advertising (:32). Values of y, :31, and :32 are expressed in thousands of dollars. Click on the datafile logo to reference the data. DATAr-_ Weekly Gross Television Newspaper Revenue Advertising Advertising ($10003) ($10003) ($10003) 96 5.0 1.5 90 2.0 2.0 95 4.0 1.5 92 2.5 2.5 95 3.0 3.3 94 3.5 2.3 94 2.5 4.2 94 3.0 2.5 The estimated regression equation was :1} = 83.23 + 2.29531 + 1.30272 a. What is the gross revenue expected for a week where $3,500 is spent on television (:51 = 3.5) and $1,800 is spent on newspaper advertising (12 = 1.8) (to 3 decimals)? $ thousand b. Provide a 95% prediction interval for next week's revenue, assuming that the advertising expenditures will be allocated as in part (a) (to 2 decimals). ( $ thousand, $ thousand )
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