Hanny The following estimated regression equation has been proposed to predict daily sales at a furniture store.ŷ=123x₁ +8x2 + 16x3where×1= competitor's previous day's sales (in $1,000s)X2 population within 1 mile (in 1,000s)x3 = 1 if any form of advertising was used; 0 otherwiseŷestimated sales (in $1,000s)(a) Fully interpret the meaning of the coefficient of x3. (Give the answer in dollars.)When advertising ---Select--- used, sales were higher on average by $(b) Predict sales (in dollars) for the store with competitor's previous day's sale of $6,000, a population of 12,000 within 1 mile, and seven radio advertisements.$

Part bThe predicted sales for the store with these conditions is $202,000. To predict the sales for…

Answered: The following estimated regression…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter4: Linear Functions

Section: Chapter Questions

Problem 9PT: Does Table 2 represent a linear function? If so, finda linear equation that models the data.

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A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures. ŷ = 21 + 10x, + 8x2 where x, = inventory investment ($1,000s) X2 = advertising expenditures ($1,000s) y = sales ($1,000s). (a) Predict the sales (in dollars) resulting from a $15,000 investment in inventory and an advertising budget of $11,000. %24 (b) Interpret b, and b, in this estimated regression equation. Sales can be expected to increase by $ for every dollar increase in inventory investment when advertising expenditure is held constant. Sales can be expected to increase by $ for every dollar increase in advertising expenditure when inventory investment is held constant.
A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures. ŷ = 25 + 10x₁ + 8x2 where X1 inventory investment ($1,000s) x2 advertising expenditures ($1,000s) y = sales ($1,000s). (a) Predict the sales (in dollars) resulting from a $15,000 investment in inventory and an advertising budget of $10,000. = = (b) Interpret b₁ and b₂ in this estimated regression equation. 1 2 Sales can be expected to increase by $ be expected to increase by $ for every dollar increase in inventory investment when advertising expenditure is held constant. Sales can for every dollar increase in advertising expenditure when inventory investment is held constant.
A real estate company wants to study the relationship between house sales prices and some important predictors of sales prices. Based on data from recently sold homes in the space, the following variables are used in a multiple regression model. y = sales price (in thousands of dollars) x₁ = total floor area (in square feet) x₂ = number of bedrooms x3 distance to nearest high school (in miles) = The estimated model is as follows. =76+0.098x₁ +16x₂ - 8x3 Answer the questions below for the interpretation of the coefficient of X₂ in this model. (a) Holding the other variables fixed, what is the average change in sales price for each additional bedroom in a house? dollars (b) Is this change an increase or a decrease? O increase O decrease X
A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures. ŷ = 25 + 12x, + 7x2 where X1 = inventory investment ($1,000s) X2 = advertising expenditures ($1,000s) y = sales ($1,000s). (a) Predict the sales (in dollars) resulting from a $15,000 investment in inventory and an advertising budget of $11,000. $ (b) Interpret b, and b, in this estimated regression equation. Sales can be expected to increase by $ for every dollar increase in inventory investment when advertising expenditure is held constant. Sales can be expected to increase by $ for every dollar increase in advertising expenditure when inventory investment is held constant.
A real estate company wants to study the relationship between house sales prices and some important predictors of sales prices. Based on data from recently sold homes in the space, the following variables are used in a multiple regression model. y sales price (in thousands of dollars) x₁ = total floor area (in square feet) X₂= number of bedrooms x3² distance to nearest high school (in miles) The estimated model is as follows. y=121 +0.083x₁ +23x₂ - 4x3 Answer the questions below for the interpretation of the coefficient of x₁ in this model. (a) Holding the other variables fixed, what is the average change in sales price for each 100-square-foot increase in floor area? dollars (b) Is this change an increase or a decrease? increase decrease X Ś
A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures. ŷ = 25 + 12x, + 7x2 where X, = inventory investment ($1,000s) X, = advertising expenditures ($1,000s) y = sales ($1,000s). (a) Predict the sales (in dollars) resulting from a $15,000 investment in inventory and an advertising budget of $11,000. $ 282000 (b) Interpret b, and b, in this estimated regression equation. Sales can be expected to increase by $ 12000 for every dollar increase in inventory investment when advertising expenditure is held constant. Sales can be expected to increase by $ 7000 x for every dollar increase in advertising expenditure when inventory investment is held constant.
A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures. ŷ = 21 + 10x, + 7x2 %D where X1 inventory investment ($1,000s) advertising expenditures ($1,000s) X2 sales ($1,000s). y = (a) Predict the sales (in dollars) resulting from a $15,000 investment in inventory and an advertising budget of $10,000. (b) Interpret b1 and b, in this estimated regression equation. 2. Sales can be expected to increase by $ for every dollar increase in inventory investment when advertising expenditure is held constant. Sales can be expected to increase by $ for every dollar increase in advertising expenditure when inventory investment is held constant.
A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures. ý = 25 + 12x, + 7x2 where x, = inventory investment ($1,000s) x, = advertising expenditures ($1,000s) y = sales ($1,000s). (a) Predict the sales (in dollars) resulting from a $15,000 investment in inventory and an advertising budget of $11,000. $ (b) Interpret b, and b, in this estimated regression equation. Sales can be expected to increase by $ for every dollar increase in inventory investment when advertising expenditure is held constant. Sales can be expected to increase by $ for every dollar increase in advertising expenditure when inventory investment is held constant. B Tutorial
A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures. ŷ = 21 + 10x, + 6x2 %3D where inventory investment ($1,000s) X1 X2 = advertising expenditures ($1,000s) = sales ($1,000s). %D y (a) Predict the sales (in dollars) resulting from a $14,000 investment in inventory and an advertising budget of $10,000. $ (b) Interpret b, and b, in this estimated regression equation. 1 Sales can be expected to increase by $ for every dollar increase in inventory investment when advertising expenditure is held constant. Sales can be expected to increase by $ for every dollar increase in advertising expenditure when inventory investment is held constant. Tutorial

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