Mark Price, the new productions manager for Speakers and Company, needs to find out which variable most affects the demand for their line of stereo 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 1234567BSGHE 8 9 10 11 UNIT SALES (THOUSANDS) 396 696 896 1,285 1,155 1,186 896 1,118 985 1,334 926 820 PRICE $/UNIT 282 219 206 210 219 209 218 206 220 206 226 236 ADVERTISING ($000) 600 829 1,118 1,413 1,214 1,285 907 1,118 708 907 708 682 a. Perform a regression analysis based on these data using Excel. (Negative values should be indicated by a minus sign. Round your answers to 4 decimal places.)
Mark Price, the new productions manager for Speakers and Company, needs to find out which variable most affects the demand for their line of stereo 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 1234567BSGHE 8 9 10 11 UNIT SALES (THOUSANDS) 396 696 896 1,285 1,155 1,186 896 1,118 985 1,334 926 820 PRICE $/UNIT 282 219 206 210 219 209 218 206 220 206 226 236 ADVERTISING ($000) 600 829 1,118 1,413 1,214 1,285 907 1,118 708 907 708 682 a. Perform a regression analysis based on these data using Excel. (Negative values should be indicated by a minus sign. Round your answers to 4 decimal places.)
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter7: Distance And Approximation
Section7.3: Least Squares Approximation
Problem 31EQ
Related questions
Question
Transcribed Image Text:Mark Price, the new productions manager for Speakers and Company, needs to find out which variable most affects the demand for
their line of stereo 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
123456789
10
11
12
UNIT SALES
(THOUSANDS)
396
696
896
1,285
1,155
1,186
896
1,118
985
1,334
926
820
PRICE $/UNIT
282
219
206
210
219
209
218
206
220
206
226
236
ADVERTISING
($000)
600
829
1,118
1,413
1,214
1,285
907
1,118
708
907
708
682
a. Perform a regression analysis based on these data using Excel. (Negative values should be indicated by a minus sign. Round your
answers to 4 decimal places.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Recommended textbooks for you
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781305652224
Author:
Charles P. McKeague, Mark D. Turner
Publisher:
Cengage Learning
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning