A local club is selling christmas trees and deciding how many to stock for the month of december. if demand is normally distribu
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Answer:
The predicted value of Revenue is $98.24.
Explanation:
The data provided is for the weekly gross revenue, the amount of television advertising and the amount of newspaper advertising.
Determine the regression equation developed to estimate the amount of weekly gross revenue based on television advertising using Excel.
Consider the Excel image for Summary Output for Weekly Revenue Vs. T.V. Adv.
The estimated regression equation with the amount of television advertising as the independent variable is:
<em>Revenue </em>= 89.31 + 1.27 <em>TVAdv</em>
Consider the Excel image for Summary Output for Weekly Revenue Vs. T.V. Adv. & News Adv.
The estimated regression equation with both television advertising and newspaper advertising as the independent variables is:
<em>Revenue </em>= 83.78 + 1.78 <em>TVAdv</em> + 1.47 <em>NewsAdv </em>
For TVAdv = $4.9 and NewsAdv = $3.9 predict the value of Revenue as follows:
Thus, the predicted value of Revenue is $98.24.