I have a data analytics assignment due this weekend. It is an assignment dealing with a regression model. I am providing consulting on a data model, and fielding questions from the model.

Big Suzy Snack Cakes

Assignment

I have the excel data set

What questions do I need to answer in my memo?

1.Explain the model, etc variation, outputs.

2.Is my model statistically significant (5%).

3.Define Coefficient. How does price help explain number of cakes sold? Is it significant?

4.Does income drive sales (affluent markets vs low-income markets)

5.Computation: Based off the model, if we priced at $5.25, how many cakes will they sale? (Number)

6.Price elasticity: If priced at $5.25, will price be elastic or inelastic.?

7.If they raised the price of the product would the profit rise or fall? What do we need to know before we can answer that?

8.What price do we maximize revenue? What is the price elasticity at that price?

9.What price do we maximize profits? (Incremental cost $2.25) What is the price elasticity?

10.Is there a seasonal pattern in this data set? How would we test that?

11.Does Atlanta and Dallas eat more snacks?