Solved

Regression Analysis a Local Grocery Store Wants to Predict

Question 31

Essay

Regression Analysis Regression Analysis A local grocery store wants to predict its daily sales in dollars.The manager believes that the amount of newspaper advertising significantly affects sales.He randomly selects 7 days of data consisting of daily grocery store sales (in thousands of dollars)and advertising expenditures (in thousands of dollars).The Excel/MegaStat output given above summarizes the results of the regression model.If the manager decides to spend $3,000 on advertising,based on the simple linear regression results given above,what are the estimated sales? A local grocery store wants to predict its daily sales in dollars.The manager believes that the amount of newspaper advertising significantly affects sales.He randomly selects 7 days of data consisting of daily grocery store sales (in thousands of dollars)and advertising expenditures (in thousands of dollars).The Excel/MegaStat output given above summarizes the results of the regression model.If the manager decides to spend $3,000 on advertising,based on the simple linear regression results given above,what are the estimated sales?

Correct Answer:

verifed

Verified

$83,333
Estimated sa...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q20: The residual is the difference between the

Q26: After plotting the data points on a

Q28: A data set with 7 observations yielded

Q29: An experiment was performed on a certain

Q30: Regression analysis. <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2569/.jpg" alt="Regression analysis.

Q34: A local tire dealer wants to predict

Q37: A significant positive correlation between X and

Q105: A _ measures the strength of the

Q106: In a simple linear regression model, the

Q138: The least squares simple linear regression line