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:

Market Price

The price at which a product or service is currently sold in the market.

Technology

The application of scientific knowledge for practical purposes, especially in industry and the creation of inventions to solve problems or improve processes.

Short-Run Total Cost Function

A formula showing the total cost of production when at least one factor of production is fixed in the short run.

Average Cost

Calculated by dividing the total cost of production by the number of goods produced.