Suppose we have the following data:• monthly revenue of a retail store (million dollars)• monthly advertising budget (million dollars)• location (the values for location are Midwest, US Non-Midwest, andInternational.Suppose we create the model below (which is separated onto several lines to makeeasier to read)Predicted average Revenue (millions)-52+ 1.2 (budget)+ 3.75(Midwest)1.11(International)0.1 (budget) (Midwest)+ 0.9"(budget) (International)If we were to graph this model, where the x-axis is advertising budget and the y-axis ispredicted average revenue, what would happen?There will be three parallel lines, where the line for Midwest will be on the top,the line for US Non-Midwest will be in the middle, and the line for Internationalwill be the lowest line. All three lines are parallel with slope 1.2There will be two non-parallel lines, where the line for Midwest will be decreasingand the line for International will be decreasing.There will be three non-parallel lines, where all three lines will have an increasingtrend, and the International trend will have the steepest (highest) slope.None of the above.

Dummy Variables in Econometrics or in statistics ( in regression analysis), dummy refers to the one…

Suppose we have the following data: • monthly revenue of a retail store (million dollars) • monthly advertising budget (million dollars) • location (the values for location are Midwest, US Non-Midwest, and International. Suppose we create the model below (which is separated onto several lines to make easier to read) Predicted average Revenue (millions)- 52 + 1.2 (budget) + 3.75(Midwest) 1.11(International) - 0.1 (budget) (Midwest) + 0.9" (budget) (International) If we were to graph this model, where the x-axis is advertising budget and the y-axis is predicted average revenue, what would happen?

Suppose we have the following data: • monthly revenue of a retail store (million dollars) • monthly advertising budget (million dollars) • location (the values for location are Midwest, US Non-Midwest, and International. Suppose we create the model below (which is separated onto several lines to make easier to read) Predicted average Revenue (millions)- 52 + 1.2 (budget) + 3.75(Midwest) 1.11(International) - 0.1 (budget) (Midwest) + 0.9" (budget) (International) If we were to graph this model, where the x-axis is advertising budget and the y-axis is predicted average revenue, what would happen?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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