Superb Professors

As a manager, you have been provided the following regression summery output for a regression
model of a new product.
df SS MS F Significance F
Regression 3 156.4823 52.16077 28.01892 0.000002177
Residual 26 48.4023 1.861627
Total 29 204.8846
Coefficients P-value
Intercept 23.8163 9.24E-07
Price -0.3035 0.001925
Price other -0.342937 0.112442
Income 0.23406 0.033889
a. What is the percent risk of the coefficients really being zero? In other words, are the individual
coefficients statistically significant using the 95 percent confidence level?
b.Using the regression summery, compute R^2 and interpret its meaning
c. Is the “Price other ” coefficient referring to a complement or a substitute (motivate)?
d. Is the “Income ” coefficient referring to a normal good or inferior good (motivate)?
 
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The post As a manager, you have been provided the following regression summery output for a regression model of a new product. df SS MS F Significance F Regression 3 156.4823 52.16077 28.01892 0.000002177 appeared first on Superb Professors.

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