Observations are taken on sales of a certain mountain bike in 30 sporting goods stores. The...
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Observations are taken on sales of a certain mountain bike in 30 sporting goods stores. The regression model was Y= total sales (thousands of dollars). X = display floor space (square meters). X, = competitors' advertising expenditures (thousands of dollars). X3 = advertised price (dollars per unit). Predictor Coefficient 1,276.84 Intercept FLoorSpace CompetingAds 13.82 -6.892 Price -8.1446 (a) Write the fitted regression equation. (Round your coefflclent CompetingAds to 3 decimal places, coefficlent Price to 4 declmal places, and other values to 2 decimal places. Negative values should be Indicated by a minus sign.) * FloorSpace + * CompetingAds + Price (b-1) The coefficient of FloorSpace says that each additional square foot of floor space takes away 0.1496 from sales (in thousands of dollars). takes away 13.82 from saies (in thousands of dollars). adds about 13.82 to sales (in thousands of dollars). O adds about 6.892 to sales (in thousands of dollars). (b-2) The coefficient of CompetingAds says that each additional $1000 of "competitors' advertising expenditures" reduces sales by about 6.892 from sales (in thousands of dollars). O adds about 6.892 to sales (in thousands of dollars). takes away13.82 from sales (in thousands of dollars). takes away 0.1446 from sales (in thousands of dollars). (b-3) The coefficient of Price says that each additional $1 of advertised price reduces sales by about 6.892 from sales (in thousands of dollars). adds about 6.892 to sales (in thousands of dollars). reduces sales by about 0.1446 from sales (in thousands of dollars). O takes away 13.82 from sales (in thousands of dollars). (c) The intercept is not meaningful, since a mountain bike cannot sell for zero, which will happen if all the variables are zero. True (d) Make a prediction for Sales when FloorSpace = 101. CompetingAds = 115, and Price = 1,222. (Enter your enswer In thousands. Round your answer to 2 decimal places.) %3D Sales 24 thousand Observations are taken on sales of a certain mountain bike in 30 sporting goods stores. The regression model was Y= total sales (thousands of dollars). X = display floor space (square meters). X, = competitors' advertising expenditures (thousands of dollars). X3 = advertised price (dollars per unit). Predictor Coefficient 1,276.84 Intercept FLoorSpace CompetingAds 13.82 -6.892 Price -8.1446 (a) Write the fitted regression equation. (Round your coefflclent CompetingAds to 3 decimal places, coefficlent Price to 4 declmal places, and other values to 2 decimal places. Negative values should be Indicated by a minus sign.) * FloorSpace + * CompetingAds + Price (b-1) The coefficient of FloorSpace says that each additional square foot of floor space takes away 0.1496 from sales (in thousands of dollars). takes away 13.82 from saies (in thousands of dollars). adds about 13.82 to sales (in thousands of dollars). O adds about 6.892 to sales (in thousands of dollars). (b-2) The coefficient of CompetingAds says that each additional $1000 of "competitors' advertising expenditures" reduces sales by about 6.892 from sales (in thousands of dollars). O adds about 6.892 to sales (in thousands of dollars). takes away13.82 from sales (in thousands of dollars). takes away 0.1446 from sales (in thousands of dollars). (b-3) The coefficient of Price says that each additional $1 of advertised price reduces sales by about 6.892 from sales (in thousands of dollars). adds about 6.892 to sales (in thousands of dollars). reduces sales by about 0.1446 from sales (in thousands of dollars). O takes away 13.82 from sales (in thousands of dollars). (c) The intercept is not meaningful, since a mountain bike cannot sell for zero, which will happen if all the variables are zero. True (d) Make a prediction for Sales when FloorSpace = 101. CompetingAds = 115, and Price = 1,222. (Enter your enswer In thousands. Round your answer to 2 decimal places.) %3D Sales 24 thousand
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Related Book For
Applied Statistics in Business and Economics
ISBN: 978-0073521480
4th edition
Authors: David Doane, Lori Seward
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