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You have been provided with the following regression output. The dependent variable is unit sales of a product, and the independent variable is the dollar value of newspaper advertising for that product. The unit of analysis is weeks; that is, each of the observations in the underlying sample data represents a separate week of sales and newspaper advertising.
Regression Analysis: Sales versus Newspaper
The regression equation is:
Sales = 6514 + 0.0386 Newspaper
Predictors
Co-eff
SECo-eff
T
P
Constant
6514
1138
5.72
0.000
Newspaper
0.038625
0.005494
7.03
0.00
S = 5630.70 R-Sq = 24.3% R-Sq(adj) = 23.8%
Analysis of Variance
Source
D F
S S
M S
F
Regression
1
1567134272
49.43
Residual Error
154
4882532724
31704758
Total
155
6449666996
1. How much will sales increase if Newspaper spending increases by 1?, 1000?
2. How much variability will you have if you predict sales with this model?
3. What would be your best point estimate for average Sales in weeks for which Newspaper advertising were $1 million? What would be an appropriate interval estimate for this? (Use 95% limits.)
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