Question: 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

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).

Coefficients
Term Coef SE Coef T-Value P-Value
Constant 1,322,761 359,132 3.68 0.001
Price ($) 79,688 35,830 2.22 0.031
Competitor Price ($) 31,481 31,394 1.00 0.321
Income ($) 17.71 5.86 3.02 0.004

(a)Determine the multiple regression equation that can be used to estimate unit sales based on (own) price, competitor price, and income.

unit sales = + (price)
+ (competitor price) + (income)

(b)Use this model to predict unit sales (in dollars) when price is $7, competitor price is $6, and income is $34,500.$

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