A company has recorded data on the weekly sales for its product (y), the unit price of the competitor's product (x), and advertising expenditures (x2). The data resulting from a random sample of 7 weeks follows. Week Price Advertising Sales

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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Author:Carter
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Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 23PPS
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# 1
A company has recorded data on the weekly sales for its product (y), the unit price of the
competitor's product (x1), and advertising expenditures (x2). The data resulting from a
random sample of 7 weeks follows.
TTI
Week
Price
.33
Advertising
Sales
1
20
2
.25
14
3
.44
7
22
4
.40
9.
21
.35
4
16
6.
.39
8
19
7
.29
9.
15
a) Develop an estimated regression equation that can be used to predict Sales given the
Price of the competitor's product and Advertising expenditures.
b) Determine whether the model is significant overall. Use a = 0.10.
c) Determine if Price is significantly related to Sales. Use a = 0.10.
d) Determine if Advertising is significantly related to Sales. Use a = 0.10.
Transcribed Image Text:# 1 A company has recorded data on the weekly sales for its product (y), the unit price of the competitor's product (x1), and advertising expenditures (x2). The data resulting from a random sample of 7 weeks follows. TTI Week Price .33 Advertising Sales 1 20 2 .25 14 3 .44 7 22 4 .40 9. 21 .35 4 16 6. .39 8 19 7 .29 9. 15 a) Develop an estimated regression equation that can be used to predict Sales given the Price of the competitor's product and Advertising expenditures. b) Determine whether the model is significant overall. Use a = 0.10. c) Determine if Price is significantly related to Sales. Use a = 0.10. d) Determine if Advertising is significantly related to Sales. Use a = 0.10.
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