A marketing analyst runs a bivariate regression model to forecast sales at a retail store based on advertising. Her model returns the following parameter estimates:
b0: 102
b1: 97.1
Standard Error: 70.95
She wished to forecast sales for a store where advertising equals 184. What is the forecasted standard deviation of the sales distribution for this store? Enter your answer rounded to 2 decimal places
The model is given by y = 102 + 97.1 x
if (x) advestising =184
y (sales) =102 + 97.1 * 184 =17968.4
Standard deviation of sales = b1*sx =97.1*70.95 = 6889.24
A marketing analyst runs a bivariate regression model to forecast sales at a retail store based...
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