Please help with the last two sections. Thank you! 8. Exercise 4.8Suppose the Sherwin-Williams Company has developed the following multiple regression model,with paint sales Y (x 1,000 gallons) as the dependent variable and promotional expenditures A (x$1,000) and selling price P (dollars per gallon) as the independent variables.Y = a + BaA + ßpP + e, ba = 0.11. Note that theNow suppose that the estimate of the model produces following results: a = 344.585R2 = 0.722, Sba= 0.164sample consists of 10 observations.bp = -13.397, Sbp= 4.487and F-statistic = 10.372According to the estimated model, holding all else constant, a $1,000 increase in promotionalexpenditures increases Y sales by approximately 110 Y gallons. Similarly, a $1 increase inthe selling price increasessales byoroximately97 ▼ gallons.Which of the independent variables (if any) appears to be statistically significant (at the 0.05 level)in explaining paint sales? Check all that apply.O Promotional expenditures (A)o Selling price (P)What proportion of the total variation in sales is explained by the regression equation?0.11o 0.7220.164The given F-value shows that you canreject the null hypothesis that neither one of theindependent variables explain a significant (at the 0.05 level) proportion of the variation in income.Based on the regression model, what is the best estimate of paint sales (x 1,000 gallons) in a salesregion where promotional expenditures are $120,000and the selling price is $9.50?259.251230.513204.114When promotional expenditures are $80,000 and the selling price is $9.50, the point priceelasticity isand the point promotional price elasticity is

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Description: Please help with the last two sections. Thank you! 8. Exercise 4.8Suppose the Sherwin-Williams Company has developed the following multiple regression model,with paint sales Y (x 1,000 gallons) as the dependent variable and promotional expenditures A

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Based on the regression model, what is the best estimate of paint sales (x 1,000 gallons) in a sales region where promotional expenditures are $120,000and the selling price is $9.50? 259.251 230.513 204.114 When promotional expenditures are $80,000 and the selling price is $9.50, the point price elasticity is and the point promotional price elasticity is

Based on the regression model, what is the best estimate of paint sales (x 1,000 gallons) in a sales region where promotional expenditures are $120,000and the selling price is $9.50? 259.251 230.513 204.114 When promotional expenditures are $80,000 and the selling price is $9.50, the point price elasticity is and the point promotional price elasticity is

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Please help with the last two sections. Thank you!

8. Exercise 4.8
Suppose the Sherwin-Williams Company has developed the following multiple regression model,
with paint sales Y (x 1,000 gallons) as the dependent variable and promotional expenditures A (x
$1,000) and selling price P (dollars per gallon) as the independent variables.
Y = a + BaA + ßpP + e
, ba = 0.11
. Note that the
Now suppose that the estimate of the model produces following results: a = 344.585
R2 = 0.722
, Sba= 0.164
sample consists of 10 observations.
bp = -13.397
, Sbp= 4.487
and F-statistic = 10.372
According to the estimated model, holding all else constant, a $1,000 increase in promotional
expenditures increases Y sales by approximately 110 Y gallons. Similarly, a $1 increase in
the selling price increases
sales by
oroximately
97 ▼ gallons.
Which of the independent variables (if any) appears to be statistically significant (at the 0.05 level)
in explaining paint sales? Check all that apply.
O Promotional expenditures (A)
o Selling price (P)
What proportion of the total variation in sales is explained by the regression equation?
0.11
o 0.722
0.164
The given F-value shows that you can
reject the null hypothesis that neither one of the
independent variables explain a significant (at the 0.05 level) proportion of the variation in income.
Based on the regression model, what is the best estimate of paint sales (x 1,000 gallons) in a sales
region where promotional expenditures are $120,000and the selling price is $9.50?
259.251
230.513
204.114
When promotional expenditures are $80,000 and the selling price is $9.50, the point price
elasticity is
and the point promotional price elasticity is

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