In working for a local retail store you have developed the e

In working for a local retail store, you have developed the estimated regression equation shown below where y is the weekly sales in dollars, is the percent local unemployment rate. x2 is the weekly average high temperature in degrees Fahrenheit. x3 is the number of activities in the local community. x4 is the average gasoline price. Complete parts a and b. y =22,009-400 x1 + 813 x2- 95 x3 -78 x4 Interpret the values of b1, b2, b3, and b4 in this estimated regression equation. Interpret the value of b1. Select the correct choice below and fill in the answer box to complete your choice. (Type a whole number.) Holding the other independent variables constant and increasing the weekly average high temperature by one degree Fahrenheit, the average weekly sales is estimated to increase by $ . Holding the other independent variables constant and increasing the local unemployment rate by one percent, the average weekly sales is estimated to decrease by $ . Holding the other independent variables constant and increasing the local unemployment rate by one percent, the average weekly sales is estimated to increase by $ . Holding the other independent variables constant and increasing the weekly average high temperature by one degree Fahrenheit, the average weekly sales is estimated to decrease by $ .

Solution

Answer B:

Holding other independent variables constant and increasing the local unemployed rate by one percent the average weekly sales is estimated to decrease by $400