The Regression Model $\hat { Y }$ = 180 + 6x₁ - 2x₂ Has Been Fitted to 6x₁

question 82

Short Answer

The regression model $\hat { Y }$ = 180 + 6x₁ - 2x₂ has been fitted to a set of data.If x₂ = 10,what will be the effect on $\hat { Y }$ if x₁ increases by 1 unit? $\hat{ Y }$ will ____________________ by ____________________

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Definitions:

Sales Price

The price at which a product or service is offered for sale in the market.

Fixed Costs

Expenses that do not change with the level of production or sales, examples include rent, salaries, and insurance premiums.

Variable Cost

Expenses that change in proportion to the activity or volume of business, such as materials, labor, and transaction fees.

Depreciation Expense

An accounting method of allocating the cost of a tangible asset over its useful life to represent wear and tear over time.