The Very Fresh Juice Company Has Developed a Regression Model $\alpha$

question 83

Essay

The Very Fresh Juice Company has developed a regression model relating sales (y in $10,000s) with four independent variables. The four independent variables are price per unit (x₁, in dollars), competitor's price (x₂, in dollars), advertising (x₃, in $1,000s) and type of container used (x₄) (1 = Cans and 0 = Bottles). Part of the regression results are shown below:
a.Compute the coefficient of determination and fully interpret its meaning.
b.Is the regression model significant? Explain what your answer implies. Let $\alpha$ = 0.05.
c.What has been the sample size for this analysis?

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