Question

Problems 1 - 4 all represent the same multiple regression case.

The manufacturer of a light fixture believes that the amount spent on advertising, the price of the fixture, and the location of the retail stores selling the fixture influence the number of light fixture sales. The manufacturer randomly selected 12 months and collected the data.
  
The sales are in thousands of units, the advertising is given in hundreds of dollars, and the price is the unit retail price in dollars. The location is coded as follows: 0 = in the city and 1 = in the suburbs. Using MINITAB, the following computer output was obtained.

PREDICTOR           COEF         SE COEF          T                         P
Intercept                      31.66               7.73                                         .003    
Advertising                 9.82               0.50                                         .015    
Price                            -0.38               0.15                                         .068    
Location                     -15.84               4.86                                        .124

1. Find b₁ on the output and report its value_. (5 points)

1. Interpret b_1. (5 points)

1. Interpret b_0. (5 points)

Answer 1