The following is part of the results of a regression analysis involving sales (Y in millions...

The following is part of the results of a regression analysis involving sales (Y in millions of dollars), advertising expenditures (X₁ in thousands of dollars), and number of salespeople (X₂) for a corporation. The regression was performed on a sample of 10 observations.

Coefficient Standard Error t value p value

Constant -11.340 20.412

X₁ 0.798 0.332 2.404 0.0345

X₂ 0.141 0.278 0.507 0.2305

a. Write the regression equation.

b. Interpret the coefficients of the estimated regression equation found in Part (a).

c. At a =0.05, test for the significance of the coefficient of advertising.

d. At a =0.05, test for the significance of the coefficient of number of salespeople.

e. If the company uses $50,000 in advertisement and has 800 salespersons, what are the expected sales? Give your answer in dollars.

Expert Solution

orchestra answered 1 year ago

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