Consider the Following to Answer the Question(s) Below

question 22

Multiple Choice

Consider the following to answer the question(s) below:
A regression was performed to predict the Selling Price of a yacht in thousands of dollars based on the number of Rooms it had, its Age (years) , and its Length (feet) . The R2 is 68.45%. The equation is given here.
Selling Price = 120.51 + 7.46 Rooms - 1.78 Age + 2.83 Length
-What does the coefficient of Rooms mean in the context of the regression model?

• A) The average selling price will increase by $7,460 for every additional room for yachts with the same length and age.
• B) The average selling price will increase 7.46 times for every additional room.
• C) With every additional room the selling price will increase by 7.46%, all other things being equal.
• D) There is always a decrease in selling price of $7,460 for every additional room on a yacht.
• E) The average selling price will increase by $120.51 for every additional room for yachts with the same length and age.

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Definitions:

Professional Salesperson

An individual skilled in navigating the sales process, from identifying potential clients to closing sales, often demonstrating extensive product knowledge and persuasive communication.

Suggestive Selling

A sales technique that involves recommending additional products or services to customers based on their current selections to enhance their purchase experience.

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A strategy used by salespeople involving a structured dialogue or demonstration to convince potential buyers of the value of a product or service.

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The aspect of sales that involves communicating and influencing a customer through body language, gestures, and facial expressions rather than spoken word.