Question 28 1 pts A retail store's sales forecast is based on the number of households nearby and store location. The es

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Question 28 1 Pts A Retail Store S Sales Forecast Is Based On The Number Of Households Nearby And Store Location The Es 1 (135.63 KiB) Viewed 18 times

Question 28 1 pts A retail store's sales forecast is based on the number of households nearby and store location. The estimated regression equation is: y-hat = 21.84 +0.87(x1) -6.86(x2) + 21.51(x3) where: y = Weekly sales ($1000's) X1 = Number of households (in 1000's) near the store X2 = 1 if store is located on a suburban street X3 = 1 if store is located in a shopping mall (x2 and x3 = 0 if store located in city's downtown) Referring to the regression equation above, the correct interpretation of b1 is: For each additional 1,000 households near the store, expected weekly sales increases by $870. 87% of the households near the store are expected to spend at least $1,000 at the store. For each additional 870 households near the store, expected weekly sales increases by $1,000. Expected weekly sales for a downtown store with 1,000 households nearby is $870.