A Regression Analysis Between Sales (In $1000)and Advertising (In $100)resulted $$\hat { Y }$$

question 2

True/False

A regression analysis between sales (in $1000)and advertising (in $100)resulted in the following least squares line: $$\hat { Y }$$
= 84 +7X.This implies that if advertising is $800,then the predicted amount of sales (in dollars)is $140,000.

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Definitions:

Unskilled Labor

Workforce that has no special training or education and typically involves manual labor with simpler tasks.

Skilled Labor

Workers who have specialized training or skills, often acquired through education or extensive job experience.

Heckscher-Ohlin Model

An economic theory that suggests that countries export what they can most efficiently and abundantly produce, based on their factors of production.

Labor-Intensive

A process or industry that requires a large amount of labor to produce its goods or services, typically compared to the amount of capital required.