In order to determine the relationship between the number of units sold of a company's product (yy) in 8 cities with their major competitor's price (x1x1) in dollars, and the number of stores (x2x2) the competitor has in each city, the following data were collected. Units sold Competitor Price Competitor Stores 545 35 3 550 35 3 590 40 2 570 39 4 540 40 5 600 40 2 575 46 6 560 39 3 Generate a linear multiple regression output for the data.
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.
In order to determine the relationship between the number of units sold of a company's product (yy) in 8 cities with their major competitor's price (x1x1) in dollars, and the number of stores (x2x2) the competitor has in each city, the following data were collected.
| Units sold | Competitor Price |
Competitor Stores |
|---|---|---|
| 545 | 35 | 3 |
| 550 | 35 | 3 |
| 590 | 40 | 2 |
| 570 | 39 | 4 |
| 540 | 40 | 5 |
| 600 | 40 | 2 |
| 575 | 46 | 6 |
| 560 | 39 | 3 |
Generate a linear multiple regression output for the data.
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