As a manager, you have been provided the following regression summery output for a regression

model of a new product.

df SS MS F Significance F

Regression 3 156.4823 52.16077 28.01892 0.000002177

Residual 26 48.4023 1.861627

Total 29 204.8846

Coefficients P-value

Intercept 23.8163 9.24E-07

Price -0.3035 0.001925

Price other -0.342937 0.112442

Income 0.23406 0.033889

a. What is the percent risk of the coefficients really being zero? In other words, are the individual

coefficients statistically significant using the 95 percent confidence level?

b.Using the regression summery, compute R^2 and interpret its meaning

c. Is the “Price other ” coefficient referring to a complement or a substitute (motivate)?

d. Is the “Income ” coefficient referring to a normal good or inferior good (motivate)?

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