(Use this problem for questions 26-29.) A consumer products company wants to know how national advertising spending impacts sales of a certain product. It has a rich data base full of actual sales and advertising data. Using this data base, it constructs an Excel spreadsheet data table of five columns. In column one, it inputs the actual product sales per day for the prior 12 months. In column two, it takes the sales data in column one and advances them seven days each. In columns three, four, and five, it inputs the actual advertising spending per day, by media channel, for a full year. With the database fully constructed, it runs a regression to determine if there is a relationship between the advertising spending by channel and the product sales, lagged by a week. The results appear in the table below. (Each question here is worth three points.) Regression Statistics Multiple R 0.973 R-squared 0.983 Adjusted R-Squared Standard Error Observations 102 ANOVA Regression 7235179873 405664271 Total 7640844145 Regression Formula Coefficients Std error t Stat P-Value Lower 95% Upper 95% Intercept 0710.640 4260.976 -2.51 0.01300 -19168 -2252 TV Ad Spending 318.664 60.98 5.225 0.00060 197 Radio Ad Spending 318.95 1.9496 0.04500 1254 Google Ad Spending 0.146 0.04078 3.588 0,00050 0.0653 0.2272 26. Which statistic from the table best describes the "goodness of fit" between the dependent variable and the independent variables? a. 0.973 b. 0.983 c. 0.944 d. 0.013 1 Which media channel contributes most to product sales? a. TV b. Radio c. Google 28. What is the confidence used in this report to determine that the slope (b) coefficient for radio advertising is not 0 (that there is a linear relationship) a. 99.00% b. 90.00% c. 95.00% d. none of the above 1. If the company added "Billboard Ad Spending" to the regression analysis and the "goodness of fit" statistic fell below its current level, what should the company conclude? a. Billboards are the least effective of the four media channels in raising sales. b. Billboards are the most effective of the four media channels in raising sales. c. Billboard ad spending does not improve the existing model of the relationship between product sales and advertising spending by 3 media channels (TV, Radio, and Google). 7