8. Exercise 4.8 Suppose the Sherwin-Williams Company has developed the following multiple regression model, with paint sales Y (x 1,000 gallons) as the dependent variable and promotional expenditures...

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Extracted text: 8. Exercise 4.8 Suppose the Sherwin-Williams Company has developed the following multiple regression model, with paint sales Y (x 1,000 gallons) as the dependent variable and promotional expenditures A (x $1,000) and selling price P (dollars per gallon) as the independent variables. Y = a + BaA + ßpP + e , ba = 0.11 . Note that the Now suppose that the estimate of the model produces following results: a = 344.585 R2 = 0.722 , Sba= 0.164 sample consists of 10 observations. bp = -13.397 , Sbp= 4.487 and F-statistic = 10.372 According to the estimated model, holding all else constant, a $1,000 increase in promotional expenditures increases Y sales by approximately 110 Y gallons. Similarly, a $1 increase in the selling price increases sales by oroximately 97 ▼ gallons. Which of the independent variables (if any) appears to be statistically significant (at the 0.05 level) in explaining paint sales? Check all that apply. O Promotional expenditures (A) o Selling price (P) What proportion of the total variation in sales is explained by the regression equation? 0.11 o 0.722 0.164 The given F-value shows that you can reject the null hypothesis that neither one of the independent variables explain a significant (at the 0.05 level) proportion of the variation in income. Based on the regression model, what is the best estimate of paint sales (x 1,000 gallons) in a sales region where promotional expenditures are $120,000and the selling price is $9.50? 259.251 230.513 204.114 When promotional expenditures are $80,000 and the selling price is $9.50, the point price elasticity is and the point promotional price elasticity is