Question

Given the following data, find the multiple regression equation for quantity demanded in terms of price,...

Given the following data, find the multiple regression equation for quantity demanded in terms of price, income, and advertising expenditures

Quantity           Price               Income           Advertising Expenditures

200                     25                  1000                           200

250                     22                  1140                           200                   

275                     21                  1230                           225

320                     21                  1232                           225                                       

332                     20                  1232                           230                   

340                     18                  1240                           235

346                     16                  1242                           238

350                     14                  1245                           240

Business   Economics   
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Answer #1

Regression Summary Output as follows.

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.9640
R Square 0.9294
Adjusted R Square 0.8764
Standard Error 19.1411
Observations 8
ANOVA
df SS MS F
Regression 3 19278.34302 6426.114 17.53934
Residual 4 1465.531976 366.383
Total 7 20743.875
Coefficients Standard Error t Stat P-value
Intercept -235.6675 286.0326 -0.8239 0.4563
Price -3.4946 4.2333 -0.8255 0.4555
Income 0.2454 0.1668 1.4711 0.2152
Advertising Expenditures 1.3948 1.2155 1.1475 0.3151

Estimated regression Equation:

Quantity = -235.6675 - 3.4946 x Price + 0.2454 x Income + 1.3948 x Advertising Expenditure

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