The table below shows the results from regressing annual sales (Y variable) on the number of competitors and advertising (X variables). Identify the correct statement.

Regression of Sales on Competitors and Advertising

Explanatory Variable

Estimated Coefficient

Standard Error

t statistic

Constant

1222.4

507.3

2.41*

Number of competitors

-25.4

6.61

-3.84*

Advertising

1.34

0.58

2.33*

R2

0.74

Group of answer choices

With a high level of confidence, we can reject the null hypothesis that the Number of Competitors does not affect sales.

The increase in sales from one fewer competitor is smaller than the increase in sales from an additional 10 units of advertising.

If advertising is estimated to equal 100 units and there are 6 competitors, sales are estimated to equal 1104.

The percent of the variation in Sales which is explained by the variation in Number of Competitors and Advertising is 26.