regression analysis was applied between sales data Y in 1000

regression analysis was applied between sales data (Y in 1000\'s) and advertising data (x in 100\'s) and the follwoing information was obtained Y=12+1.8; n+17;SSR=25;SSE=75;Sb1= .2683. based on the above estimated regression equation, if advertising is $3,000, then the point estimatefor sales (in dollars) is

Solution

Here,

Y^ = 12 + 1.8x

As x = 3 (as x is in thousands)

Then

y^ = 12 + 1.8*3

y^ = 17.4

Thus, the point estimate for sales in dollars is $17,400. [ANSWER, $17,400]