Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The U.S. online grocery market is estimating sales worth approximately $29.7 billion by 2021. One factor that influences the U.S. online sales is the

image text in transcribedimage text in transcribed

The U.S. online grocery market is estimating sales worth approximately $29.7 billion by 2021. One factor that influences the U.S. online sales is the median U.S. income. Assume online sales is in billions of dollars and U.S. income is in thousands of dollars. Using the Ordinary Least Squares method, the regression equation was estimated as: =-61 + 2.1 x1 Find the predicted US online sales amount if U.S. median income is $45,000, and interpret the slope of the explanatory variable. a) $94.4 billion. For every $1,000 increase in U.S. median income, U.S. online sales increases by $2.1 billion. b) $33.5 billion. For every $1,000 increase in U.S. median income, U.S. online sales increases by $2.1 billion.

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_2

Step: 3

blur-text-image_3

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

International Marketing And Export Management

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

8th Edition

1292016922, 978-1292016924

More Books

Students also viewed these Accounting questions

Question

Define Administration and Management

Answered: 1 week ago

Question

Define organisational structure

Answered: 1 week ago

Question

Dene the coefcient of determination and explain what it measures.

Answered: 1 week ago