Suppose that you are a manager for a factory that produces coats. You want tocreate a regression model with several variables to predict the price that acustomer will be willing to pay for a coat. You examine the price the customerswere willing to pay for your past 32 coat designs, along with the amount ofmaterial used (measured in yards), number of brands involved with thedesign/advertising, and the number of designs on the coat. The incompleteresults of your multiple linear regression model are displayed below:VariableCoeffSE(Coeff)t-ratioP-valueIntercept86.1953.21Material used42.51.2(yards)Number of213.4BrandsNumber of39.492DesignsUsing this information, what is the coefficient of the predictor variable "Numberof Brands"? 0.16O 6.1771.4021O 0.025

From the given information, the standard error for number of brands is 21.

Answered: Using this information, what is the…

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Using this information, what is the coefficient of the predictor variable "Number of Brands"?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter4: Equations Of Linear Functions

Section: Chapter Questions

Problem 4SGR

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Question

Suppose that you are a manager for a factory that produces coats. You want to
create a regression model with several variables to predict the price that a
customer will be willing to pay for a coat. You examine the price the customers
were willing to pay for your past 32 coat designs, along with the amount of
material used (measured in yards), number of brands involved with the
design/advertising, and the number of designs on the coat. The incomplete
results of your multiple linear regression model are displayed below:
Variable
Coeff
SE(Coeff)
t-ratio
P-value
Intercept
86.19
53.21
Material used
42.5
1.2
(yards)
Number of
21
3.4
Brands
Number of
39.49
2
Designs
Using this information, what is the coefficient of the predictor variable "Number
of Brands"?

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