Osteoporosis is a degenerative disease that primarily affects women over the age of 49. A research...

Osteoporosis is a degenerative disease that primarily affects women over the age of 49. A research analyst wants to forecast sales of StrongBones, a prescription drug for treating this debilitating disease. She uses the model Sales = β₀ + β₁Population + β₂Income + ε, where Sales refers to the sales of StrongBones (in $1,000,000s), Population is the number of women over the age of 49 (in millions), and Income is the average income of women over the age of 49 (in $1,000s). She collects data on 39 cities across the United States and obtains the following regression results:

	Coefficients	Standard Error	t Stat	p-Value
Intercept	10.11	3.66	2.76	0.0134
Population	8.12	1.63	4.98	0.0156
Income	7.05	6.07	1.16	0.3658

a. What is the sample regression equation? (Enter your answers in millions rounded to 2 decimal places.)

b-1. Interpret the coefficient of population.

b-2. Interpret the coefficient of income.

c. Predict sales if a city has 1.0 million women over the age of 49 and their average income is $35,000. (Enter your answer in millions rounded to 2 decimal places.)

Expert Solution

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orchestra answered 3 years ago

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