Question: Write out the regression equation from the EXCEL or Megastat output with sales as the dependent variable and the remaining variables as the independent variables.

? Interpret the coefficients of IncoMeand Price.

? Suppose that Age is 27, HS is 41.3, Income is 2948, Black is 26.2, Female is 51.7, Price is 42.7. What are the predicted sales based on the regression?

? Explain the concept of standard error of regression (SEE). Is this SEE too high or low? Explain.

? Test the statistical significance of each of the independent variables.

? Compute a 95% confidence interval for the true regression coefficient for the Income variable. Interpret.

? What is the R² of this regression? Interpret. What is the adjusted R² of this regression? Interpret. Should the R² or the adjusted R² be used as the measure of “goodness of fit?” Explain.