Problem 1: Suppose the regression equation output is
|
coefficient
|
Standard error
|
|
|
Intercept
|
40
|
3
|
|
|
|
Advertising
|
4
|
2
|
|
|
Advertising2
|
-0.3
|
1
|
|
So the regression equation is
Profit = 40 + 4 Advertising - 0.3 Advertising2
Predict profit if the Advertising is $9
Problem 2: Suppose the regression equation output is
|
coefficient
|
Standard error
|
|
|
Intercept
|
41
|
3
|
|
|
|
Price
|
8
|
2
|
|
|
Price2
|
-0.2
|
1
|
|
So the regression equation is
Profit = 41 + 8 Price - 0.2 Price2
Predict profit if the Advertising is $6
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