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Question
The following regression model has been proposed to predict sales at a furniture store.
= 10 " 4x1+ 7x2+ 18x3where
x1= competitor's previous day's sales (in $1,000s)
x2= population within 1 mile (in 1000s)
x3= 1 if any form of advertising was used, 0 if otherwise
= sales (in $1,000s)a. Fully interpret the meaning of the coefficient of x3.
b. Predict sales (in dollars) for a store with competitor's previous day's sale of $3,000, a population of 10,000 within 1 mile, and six radio advertisements.
Answer
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