Please help with the last two sections. Thank you! 8. Exercise 4.8Suppose the Sherwin-Williams Company has developed the following multiple regression model,with paint sales Y (x 1,000 gallons) as the dependent variable and promotional expenditures A (x$1,000) and selling price P (dollars per gallon) as the independent variables.Y = a + BaA + ßpP + e, ba = 0.11. Note that theNow suppose that the estimate of the model produces following results: a = 344.585R2 = 0.722, Sba= 0.164sample consists of 10 observations.bp = -13.397, Sbp= 4.487and F-statistic = 10.372According to the estimated model, holding all else constant, a $1,000 increase in promotionalexpenditures increases Y sales by approximately 110 Y gallons. Similarly, a $1 increase inthe selling price increasessales byoroximately97 ▼ gallons.Which of the independent variables (if any) appears to be statistically significant (at the 0.05 level)in explaining paint sales? Check all that apply.O Promotional expenditures (A)o Selling price (P)What proportion of the total variation in sales is explained by the regression equation?0.11o 0.7220.164The given F-value shows that you canreject the null hypothesis that neither one of theindependent variables explain a significant (at the 0.05 level) proportion of the variation in income.Based on the regression model, what is the best estimate of paint sales (x 1,000 gallons) in a salesregion where promotional expenditures are $120,000and the selling price is $9.50?259.251230.513204.114When promotional expenditures are $80,000 and the selling price is $9.50, the point priceelasticity isand the point promotional price elasticity is

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Description: Please help with the last two sections. Thank you! 8. Exercise 4.8Suppose the Sherwin-Williams Company has developed the following multiple regression model,with paint sales Y (x 1,000 gallons) as the dependent variable and promotional expenditures A

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Based on the regression model, what is the best estimate of paint sales (x 1,000 gallons) in a sales region where promotional expenditures are $120,000and the selling price is $9.50? 259.251 230.513 204.114 When promotional expenditures are $80,000 and the selling price is $9.50, the point price elasticity is and the point promotional price elasticity is

Based on the regression model, what is the best estimate of paint sales (x 1,000 gallons) in a sales region where promotional expenditures are $120,000and the selling price is $9.50? 259.251 230.513 204.114 When promotional expenditures are $80,000 and the selling price is $9.50, the point price elasticity is and the point promotional price elasticity is

Elementary Linear Algebra (MindTap Course List)

8th Edition

ISBN:9781305658004

Author:Ron Larson

Publisher:Ron Larson

Chapter2: Matrices

Section2.CR: Review Exercises

Problem 90CR

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Suppose the Sherwin-Williams Company has developed the following multiple regression model, with paint sales Y (x 1,000 gallons) as the dependent variable and promotional expenditures A (x $1,000) and selling price P (dollars per gallon) as the independent variables. Y=α+βaA+βpP+ε�=�+��+��+� Now suppose that the estimate of the model produces following results: α=344.585�=344.585, ba=0.106��=0.106, bp=−12.112��=−12.112, sba=0.155�ba=0.155, sbp=4.312�bp=4.312, R2=0.764�2=0.764, and F-statistic=12.593F-statistic=12.593. Note that the sample consists of 10 observations. According to the estimated model, holding all else constant, a $1,000 increase in promotional expenditures sales by approximately gallons. Similarly, a $1 increase in the selling price sales by approximately gallons. Which of the independent variables (if any) appears to be statistically significant (at the 0.05 level) in explaining paint sales? Check all that apply. Selling price (P)…
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Suppose the Sherwin-Williams Company has developed the following multiple regression model, with paint sales Y (x 1,000 gallons) as the dependent variable and promotional expenditures A (x $1,000) and selling price P (dollars per gallon) as the independent variables. Y=α+βaA+βpP+εY=α+βaA+βpP+ε Now suppose that the estimate of the model produces following results: α=344.585α=344.585, ba=0.102ba=0.102, bp=−11.192bp=−11.192, sba=0.173sba=0.173, sbp=4.487sbp=4.487, R2=0.813R2=0.813, and F-statistic=11.361F-statistic=11.361. Note that the sample consists of 10 observations. 1.)The given F-value shows that you cannot or can reject the null hypothesis that neither one of the independent variables explain a significant (at the 0.05 level) proportion of the variation in income. 2.)Based on the regression model, what is the best estimate of paint sales (x 1,000 gallons) in a sales region where promotional expenditures are $110,000and the selling price is $12.50? a.)213.792…
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