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Multiple Regression and Model Building

See attached Excel file.

The Abalone Fancy Fish Company sells exotic fish to high end restaurants throughout the East Coast. The sales manager wants to determine what, if any, relationship exists between the pounds of fish sold by 24 sales persons and two independent variables, namely, the length of time ( in years ) the sales person has been with the company and the market share (in %).
Attached are the data and the multiple regression output.

Using the attached MegaStat output write the regression equation, and explain the regression coefficients.

Regression equation: y = + X1 +X2

Round your answers to four decimal places.

Interpretation of Bo:

A. This tells us the average years of experience of the sales force, holding constant the sales and the market share.

B. This value is determined by setting the independent variables = 0, and it has practical usefulness.

C. This tells us the average sales, holding constant the years of experience and the market share.

D. This says we are 95% confident that in the population each additional year of experience will result in a decrease in sales around this value, for a given market share.

E. This value is determined by setting the independent variables = 0, but there is no practical value, since 0 market share would not make sense for any viable business.

Please Select Your Choice: A, B, C, D, or E

Interpretation of B1:

A. This tells us that for each additional year of experience, we can expect a decrease in sales of 11.6073 pounds, holding the market share constant.

B. This tells us that with 5 years of experience and a market share of 3%, one can expect that there will be 216.245 pounds sold

C. This tells us that for each additional % of market share, we can expect an increase of 21.7580 pounds sold, holding constant the years of experience.

D. This value has no practical interpretation.

E. This tells us that for each additional year of experience, we can expect an increase in sales of 11.6073 pounds, holding the market share constant.

Please make your selection: A, B, C, D, or E

Interpretation of B2:

A. This tells us that for each additional % of market share, we can expect an increase of 21.7580 pounds of fish sold, holding the years of experience constant .

B. This tells us that for each additional % of market share, we can expect a decrease of 21.7580 pounds, holding constant the years of experience.

C. This tells us that for 5 years of experience and a market share of 3%, one can expect that there will be 216.245 pounds of fish sold.

D. This tells us that for each additional year of experience, we can expect an increase of 11.6073 pounds of fish sold, holding the market share constant.

E. This value has no practical interpretation.

Please make your selection: A, B, C, D, or E

Attachments

Solution Summary

The Correct Answers are provided.

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