The director of marketing at Reeves Wholesale Products is studying monthly sales. Three independent variables were selected as estimators of sales: regional population, per capita income, and regional unemployment rate. The regression equation was computed to be (in dollars):
yˆ = 64,100 + 0.394x1 + 9.6x2 – 11,600x3
a. What is the full name of the equation?
b. Interpret the number 64,100.
c. What are the estimated monthly sales for a particular region with a population of 796,000, per capita income of $6,940, and an unemployment rate of 6.0%?