Please help with this problem and show work! It is a review Value 10.00 points O
ID: 3229639 • Letter: P
Question
Please help with this problem and show work! It is a review
Value 10.00 points Osteoporosis is a degenerative disease that primarily affects women over the age of 49. A research analyst wants to forecast sales of StrongBones, a prescription drug for treating this debilitating disease. She uses the model Sales Bo B1Population B2Income E, where Sales refers to the sales of StrongBones ($1,000,000s), Population is the number of women over the age of 49 (in millions), and Income is the average income of women over the age of 49 ($1,000s). She collects data on 38 cities across the United States and obtains the following relevant regression results: Standard Coefficients Error t Stat p-Value Intercept 10.34 3.60 2.87 0.0106 Population 8.10 2.28 3.55 0.0381 0.3724 7.43 6.53 1.14 Income a. What is the sample regression equation? (Enter your answers in millions rounded to 2 decimal places.) Income. Sales Population b-1. Interpret the coefficient of Population. As the number of women over the age of 49 increases by 1 million, sales of StrongBones is predicted to increase by $8.10 million. As the number of women over the age of 49 increases by 1 million, sales of StrongBones is predicted to increase by $7.43 million. As the number of women over the age of 49 increases by 1 million, sales of StrongBones is predicted to increase by $8.10 million, holding income constant. As the number of women over the age of 49 increases by 1 million, sales of Strong Bones is predicted to increase by $7.43 million, holding income constant.Explanation / Answer
a) the sample regression equation is
sales=10.34+8.1*Population+7.43 Income
b-1) third option
b-2) fourth option
c) predicted sales=10.34+8.1+(7.43*43)=337.930 (unit in $1,000,000s)