Complete the multiple regression analysis between the price and lag sales. Consider the R squared value and the residuals. Discuss what you find here. Using these data points and the equation in the problem, calculate a forecasted value (Y hat) for sales in month 21 at a price of $10 per portrait.
Multiple Regression Excel does an excellent job of completing multiple regression calculations (Even though it is not noted, you can input multiple variable columns for the independent (x) variable). Make sure you group all of the independent variables together to use this option. As I note in the weekly guidance, you can use excel to … Read more