Solutions Statistics

A company has recorded data on the weekly sales for its product (y), the unit price of the competito

Question: A company has recorded data on the weekly sales for its product (y), the unit price of the competitor's product (x₁), and advertising expenditures (x₂). The data resulting from a random sample of 7 weeks follows. Use Excel's Regression Tool to answer the following questions.

Week		Price	Advertising	Sales
1		.33	5	20
2		.25	2	14
3		.44	7	22
4		.40	9	21
5		.35	4	16
6		.39	8	19
7		.29	9	15
a.	What is the estimated regression equation?
b.	Determine whether the model is significant overall. Use ? = 0.10.
c.	Determine if price is significantly related to sales. Use ? = 0.10.
d.	Determine if advertising is significantly related to sales. Use ? = 0.10.
e.	Find and interpret the multiple coefficient of determination.