Business Statistics Quiz
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REGRESSION AND FORECASTING
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A model for predicting monthly sales (in $1000s) for a new product is given by: Sales^=20+0.8(OnlineAds)+15(InStorePromo)+0.3(OnlineAds×InStorePromo) \widehat{\text{Sales}} = 20 + 0.8(\text{OnlineAds}) + 15(\text{InStorePromo}) + 0.3(\text{OnlineAds} \times \text{InStorePromo}) Where OnlineAds is the online ad budget in $1000s, and InStorePromo is a dummy variable (1 if a promotion is active, 0 otherwise).
In a month with an active in-store promotion and an online ad budget of $30,000, what is the estimated increase in sales compared to a month with the same ad budget but no in-store promotion?
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