The following is part of the results of a regression analysis involving sales (y in millions of dollars), advertising expenditures (x1 in thousands of dollars), and number of salespeople (x2) for a corporation. The regression was performed on a sample of 10 observations.
a.If the company uses $40,000 in advertisement and has 30 salespersons, what are the expected sales? Give your answer in dollars.
b.At = 0.05, test for the significance of the coefficient of advertising.
c.At = 0.05, test for the significance of the coefficient of the number of salespeople.
Definitions:
Tax Rate
The percentage at which an individual or corporation is taxed, varying by income or profits level and jurisdiction.
Deductions
Amounts that are subtracted from an individual's gross income to reduce the income subject to tax, including various expenses, contributions, and allowances.
Employee Payroll
The total amount due to employees for the work they’ve done, including wages, salaries, and bonuses.
Interest Expense
The cost incurred by an entity for borrowed funds, reflecting the interest payments on debt.
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