Consider a linear demand model to explain the quantity demanded for a product: Q= a+ B, Price+ B, Income+ B,Advert+ s where Q = quantity sold, Price = price of the product, Income = purchaser's income, Advert = advertising. The following data was collected in year 2018. The company spends millions of money in advertisements. The company wants to know how advertisement as well how other factors affect the quantity of units sold. The results are as follows: Model Summary 0.986 R? 0.973 Standard error of estimate 6.9872 Variables Constant Coefficient Std error Sig 205.862 19.354 0.000 Price -12.242 1.407 0.000 Income 1.414 0.422 0.015 Advert -3.344 1.798 0.112 Interpret and write a report based on the results obtained above.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Can you guide me on this question how to interpret the summary result in a professional write up
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