The following multiple regression printout can be used to predict the number of items sold given the current price (in dollars), the competitor's current price (in dollars), and average income generated by the product (in dollars). Regression Analysis: Unit Sales (Q) Versus Price ($), Competitor's Price ($), Income ($) Coefficients Term Coef SE Coef T-Value P-Value Constant 1,322,758 359,134 3.683 0.001 Price ($) -79, 682 35,835 -2.224 0.031 Competitor Price ($) 31,481 31,392 1.003 0.321 Income ($) -17.71 5.84 -3.033 0.004 (a) Is the regression coefficient of competitor's price statistically significant? (Use a = 0.05.) The regression coefficient of competitor's price ---Select--- E statistically significant. (b) Does the variable competitor's price belong in the model? The variable competitor's pric v ---Select--- |belong in the model. may may not

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Author:Amos Gilat
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The following multiple regression printout can be used to predict the number of items sold given the current price (in dollars), the competitor's current price (in dollars), and average income generated
by the product (in dollars).
Regression Analysis: Unit Sales (Q) Versus Price ($),
Competitor's Price ($), Income ($)
Coefficients
Term
Coef
SE Coef
T-Value
P-Value
Constant
1,322,758
359,134
3.683
0.001
Price ($)
-79,682
35,835
-2.224
0.031
Competitor Price ($)
31,481
31,392
1.003
0.321
Income ($)
-17.71
5.84
-3.033
0.004
(a) Is the regression coefficient of competitor's price statistically significant? (Use a =
0.05.)
The regression coefficient of competitor's price ---Select---
O statistically significant.
(b) Does the variable competitor's price belong in the model?
The variable competitor's pric v ---Select---
| belong in the model.
may
may not
Submit Answer
Transcribed Image Text:The following multiple regression printout can be used to predict the number of items sold given the current price (in dollars), the competitor's current price (in dollars), and average income generated by the product (in dollars). Regression Analysis: Unit Sales (Q) Versus Price ($), Competitor's Price ($), Income ($) Coefficients Term Coef SE Coef T-Value P-Value Constant 1,322,758 359,134 3.683 0.001 Price ($) -79,682 35,835 -2.224 0.031 Competitor Price ($) 31,481 31,392 1.003 0.321 Income ($) -17.71 5.84 -3.033 0.004 (a) Is the regression coefficient of competitor's price statistically significant? (Use a = 0.05.) The regression coefficient of competitor's price ---Select--- O statistically significant. (b) Does the variable competitor's price belong in the model? The variable competitor's pric v ---Select--- | belong in the model. may may not Submit Answer
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