Practical Management Science
Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Problem 3-29 (Algo) Mark Price, the new productions manager for Speakers and Company, needs to find out which variable most affects the demand for their line of company speakers. He is uncertain whether the unit price of the product or the effects of increased marketing are the main drivers in sales and wants to use regression analysis to figure out which factor drives more demand for its particular market. Pertinent information was collected by an extensive marketing project that lasted over the past 12 years and was reduced to the data that follow: YEAR LE3AF89g 1 2 4 5 6 7 10 11 12 UNIT SALES PRICE $ PER UNIT 282 225 212 218 225 199 229 208 221 y bar = (THOUSANDS) 395 690 895 1,303 1,162 1,194 895 1,205 981 1,234 865 810 212 215 244 + ADVERTISING ($000) 621 822 1,205 1,404 1,211 1,303 865 a. Perform a regression analysis based on these data using Excel. Note: Negative values should be indicated by a minus sign. Round your answers to 4 decimal places. 1,205 692 865 692 692 Price + advertising
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Transcribed Image Text:Problem 3-29 (Algo) Mark Price, the new productions manager for Speakers and Company, needs to find out which variable most affects the demand for their line of company speakers. He is uncertain whether the unit price of the product or the effects of increased marketing are the main drivers in sales and wants to use regression analysis to figure out which factor drives more demand for its particular market. Pertinent information was collected by an extensive marketing project that lasted over the past 12 years and was reduced to the data that follow: YEAR LE3AF89g 1 2 4 5 6 7 10 11 12 UNIT SALES PRICE $ PER UNIT 282 225 212 218 225 199 229 208 221 y bar = (THOUSANDS) 395 690 895 1,303 1,162 1,194 895 1,205 981 1,234 865 810 212 215 244 + ADVERTISING ($000) 621 822 1,205 1,404 1,211 1,303 865 a. Perform a regression analysis based on these data using Excel. Note: Negative values should be indicated by a minus sign. Round your answers to 4 decimal places. 1,205 692 865 692 692 Price + advertising
c. Predict average yearly speaker sales for Speakers and Company based on the regression results if the price was $295 per unit and the amount spent on advertising (in thousands) was $895. Note: Enter your answer in thousands. Round your intermediate calculations and final answer to 2 decimal places. Forecasted sales thousand units
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Transcribed Image Text:c. Predict average yearly speaker sales for Speakers and Company based on the regression results if the price was $295 per unit and the amount spent on advertising (in thousands) was $895. Note: Enter your answer in thousands. Round your intermediate calculations and final answer to 2 decimal places. Forecasted sales thousand units
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