Reference no: EM132852622

Assume sales depend on the price and advertising expenditure. Use the data below to formulate a regression model: Sales=b0+b1*Price+b2*Advertising Expenditure. You need to answer the values of b0, b1, and b2.

Price Advertising Expenditure ($1000s) Sales (1000s)

2.00 50 478
2.50 50 373
3.00 50 335
2.00 50 473
2.50 50 358
3.00 50 329
2.00 50 456
2.50 50 360
3.00 50 322
2.00 50 437
2.50 50 365
3.00 50 342
2.00 100 810
2.50 100 653
3.00 100 345
2.00 100 832
2.50 100 641
3.00 100 372
2.00 100 800
2.50 100 620
3.00 100 390
2.00 100 790
2.50 100 670
3.00 100 393