Interpreting values in estimated regression equation

Assignment Help Basic Statistics

Reference no: EM1317184

Q1) In working for local retail store you have developed following estimated regression equation:

y = 22,167 - 412 x₁ +818x₂ - 93 x₃ - 71x₄

where:

y= weekly sales

x1= local unemployment rate

x2= weekly average high temparture

x3= number of activities in the local community

x4= average gasoline price

a) Interpret values of b1, b2, b3 and b4 in this estimated regression equation

b) Determine the estimater sales if unemployment rate is 5.7%, average high temperature is 61, there were 14 activities and gasoline average price was $1.39?

Reference no: EM1317184

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