A company has recorded data on the weekly sales for its product
A company has recorded data on the weekly sales for its product (y), the unit price of the competitor's product (x1), and advertising expenditures (x2). The data resulting from a random sample of 7 weeks follows. Use Excel's Regression Tool to answer the following questions (data set also provided in accompanying MS Excel file).
Weekly sales data
a. What is the estimated regression equation? Show the regression output. b. Determine whether the model is significant overall. Use α = 0.10. c. Determine if competitor’s price and advertising is individually significantly related to sales. Use α = 0.10. d. Based on your answer to part (c), drop any insignificant independent variable(s) and re-estimate the model. What is the new estimated regression equation? e. Interpret the slope coefficient(s) of the model from part (d).
model 1 :SUMMARY OUTPUTRegression StatisticsMultiple R0.877814352R Square0.770558037Adjusted R Square0.655837056Standard Error1.837409752Observations7ANOVA dfSSMSFSignificance FRegression245.3528444722.676426.7168010.052643614Residual413.504298393.376075Total658.85714286 CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Intercept3.5976150864.0522438330.8878080.42...