The owner of Showtime Movie Theaters, Inc., used multiple regression analysis to predict gross revenue (y) as a function of television advertising (1) and newspaper advertising (2). Values of y, ₁, and 2 are expressed in thousand: of dollars. Click on the datafile logo to reference the data. DATA file The estimated regression equation was Weekly Gross Revenue ($1000s) 96 90 95 92 95 94 94 94 Television Advertising ($1000s) 5.0 2.0 4.0 2.5 3.0 3.5 2.5 3.0 Newspaper Advertising ($1000s) 1.5 2.0 1.5 2.5 3.3 2.3 4.2 2.5 ŷ 83.23 +2.291 + 1.302 a. What is the gross revenue expected for a week where $3,500 is spent on television (₁= 3.5) and $1,800 is spent on newspaper advertising (2= 1.8) (to 3 decimals)? $ thousand b. Provide a 95% prediction interval for next week's revenue, assuming that the advertising expenditures will be allocated as in part (a) (to 2 decimals). thousand, s thousand)
The owner of Showtime Movie Theaters, Inc., used multiple regression analysis to predict gross revenue (y) as a function of television advertising (1) and newspaper advertising (2). Values of y, ₁, and 2 are expressed in thousand: of dollars. Click on the datafile logo to reference the data. DATA file The estimated regression equation was Weekly Gross Revenue ($1000s) 96 90 95 92 95 94 94 94 Television Advertising ($1000s) 5.0 2.0 4.0 2.5 3.0 3.5 2.5 3.0 Newspaper Advertising ($1000s) 1.5 2.0 1.5 2.5 3.3 2.3 4.2 2.5 ŷ 83.23 +2.291 + 1.302 a. What is the gross revenue expected for a week where $3,500 is spent on television (₁= 3.5) and $1,800 is spent on newspaper advertising (2= 1.8) (to 3 decimals)? $ thousand b. Provide a 95% prediction interval for next week's revenue, assuming that the advertising expenditures will be allocated as in part (a) (to 2 decimals). thousand, s thousand)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter3: Straight Lines And Linear Functions
Section3.CR: Chapter Review Exercises
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Transcribed Image Text:The owner of Showtime Movie Theaters, Inc., used multiple regression analysis to predict gross revenue (y) as a function of television advertising (1) and newspaper advertising (2). Values of y, ₁, and 2 are expressed in thousands
of dollars.
Click on the datafile logo to reference the data.
DATA file
The estimated regression equation was
Weekly Gross
Revenue
($1000s)
96
90
95
92
95
94
94
94
Television
Advertising
($1000s)
5.0
2.0
4.0
2.5
3.0
3.5
2.5
3.0
Newspaper
Advertising
($1000s)
1.5
2.0
1.5
2.5
3.3
2.3
4.2
2.5
ŷ = 83.23 +2.29x1 + 1.30x2
a. What is the gross revenue expected for a week where $3,500 is spent on television (1 = 3.5) and $1,800 is spent on newspaper advertising (2 = 1.8) (to 3 decimals)?
Hint(s) Check My Work
$
thousand
b. Provide a 95% prediction interval for next week's revenue, assuming that the advertising expenditures will be allocated as in part (a) (to 2 decimals).
($
* thousand, $
* thousand)
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Transcribed Image Text:The owner of Showtime Movie Theaters, Inc., used multiple regression analysis to predict gross revenue (y) as a function of television advertising (₁) and newspaper advertising (2). Values of y, ₁, and 2 are expressed in thousands
of dollars.
Click on the datafile logo to reference the data.
DATA file
The estimated regression equation was
Weekly Gross
Revenue
($1000s)
96
90
95
92
95
94
94
94
Television
Advertising
($1000s)
5.0
2.0
4.0
2.5
3.0
3.5
2.5
3.0
Newspaper
Advertising
($1000s)
1.5
2.0
1.5
2.5
3.3
2.3
4.2
2.5
Hint(s) Check My Work
ŷ = 83.23 +2.29x1 + 1.30x2
a. What is the gross revenue expected for a week where $3,500 is spent on television (1= 3.5) and $1,800 is spent on newspaper advertising (2 = 1.8) (to 3 decimals)?
93.585
thousand
b. Provide a 95% prediction interval for next week's revenue, assuming that the advertising expenditures will be allocated as in part (a) (to 2 decimals).
thousand, $
thousand)
Solution
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