2.1 Sales personnel want to further develop the model to include other variables. Merchandise Sales ($10,000s) Tickets Sold (1000s) Win or Loss (W or L) Event includes fan giveaway (Y or N) 15 54 W N 17 67 L Y 10 53 L Y 9 49 W Y 16 59 W N 14 58 L Y 12 56 W N 19 63 W Y 18 65 L Y 17 61 L Y Should you keep either or both of the variables in the model and why?  What is the regression equation (only include variables that should be in the model)?  What is the merchandise sales forecast for 58,000 tickets sold at a winning event that does not include a fan giveaway?

Question

2.1 Sales personnel want to further develop the model to include other variables.

Merchandise Sales ($10,000s)

Tickets Sold (1000s)

Win or Loss (W or L)

Event includes fan giveaway (Y or N)

15

54

W

N

17

67

L

Y

10

53

L

Y

9

49

W

Y

16

59

W

N

14

58

L

Y

12

56

W

N

19

63

W

Y

18

65

L

Y

17

61

L

Y

  1. Should you keep either or both of the variables in the model and why? 
  2. What is the regression equation (only include variables that should be in the model)? 
  3. What is the merchandise sales forecast for 58,000 tickets sold at a winning event that does not include a fan giveaway? 

Expert Answer

Want to see the step-by-step answer?

See Answer

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Answer
*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.
Tagged in

Related Probability Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: There are 50 0ne dollar bills that be divided up among seven diffrent people any person may recieve ...

A: Given information:There are $51 bills that can be divided up among seven different people and any pe...

Q: The probability that a person in the United States has Type B+ blood is 8%. Four unrelated people in...

A: Solution: We are given that the probability that a person in the United States has Type B+ blood = 0...

Q: A company is in the business of finding addresses of long-lost friends. The company claims to have a...

A: The distribution:The company claims to have 80% success rate. There are names of six friends for who...

Q: In a Ni-Cd battery, a fully charged cell is composed of nickelic hydroxide. Nickel is an element tha...

A: Find the mean of the variable x:The general formula to obtain the expected value (mean) of a discret...

Q: A sequence of two playing cards is drawn at random (without replacement) from a standard deck of 52 ...

A: Concept of probability:Probability deals with the likelihood of occurrence of a given event. The pro...

Q: A bag contains total 30 balls out of which 9 are red, 12 are white and 9 are blue. Two balls are dra...

A: Let us first find probability that the first ball is red. For that we will need the following.Since,...

Q: Do you want to own your own candy store? Wow! With some interest in running your own business and a ...

A: (a) Computation of sample mean and sample standard deviation:Here, the sample size, n = 9. Using cal...

Q: There are 12 students in my class - 10 males and 2 females. a. If I pick a team of 5 students random...

A: In this question we have 12 students out of which 10 are males and 2 are females.Part a)We need to f...

Q: Is the following argument valid or invalid? If it’s valid, rewrite the same argument symbolically(p,...

A: Given If you are Patrick Star, then this is your ID.     This ID was in this wallet.If this ID was i...