Statistics- Predict sales (in dollars) for a store with competitor’s
The following regression model has been proposed to predict sales at a furniture store:Ȳ = 10 – 4X1 + 7X2 + 18X3wherex1 = competitor’s previous day’s sales (in $1,000s);x2 = population within 1 mile (in 1000s);x3 = 1 if any form of advertising was used, 0 if otherwise;yhat = sales (in $1,000s).a. Fully interpret the meanings of the coefficients.b. Predict sales (in dollars) for a store with competitor’s previous day’s sale of $3,000, a population of 10,000 within 1 mile, and six radio advertisements.
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