HomeworkLib
Question

Suppose we estimate a regression of the gallons of paint sold on the price of each...

Suppose we estimate a regression of the gallons of paint sold on the price of each gallon and find the following estimated regression line:
y = 100 - 10x.
Predict how many gallons would be sold if the price is $5 per gallon?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Price is 5 implies x= 5

Put x= 5 into y= 100-10x

y= 100-10(5) = 50

Estimated sales are 50 at Price of 5.

0 0
Add a comment
Know the answer?
Add Answer to:
Suppose we estimate a regression of the gallons of paint sold on the price of each...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Exercise 4.8 Suppose the Sherwin-Williams Company has developed the following multiple regression model, with paint sales...

    Exercise 4.8 Suppose the Sherwin-Williams Company has developed the following multiple regression model, with paint sales Y (x 1,000 gallons) as the dependent variable and promotional expenditures A (x $1,000) and selling price P (dollars per gallon) as the independent variables. Y=α+βaA+βpP+εY=α+βaA+βpP+ε Now suppose that the estimate of the model produces following results: α=344.585α=344.585 , ba=0.106ba=0.106 , bp=−12.112bp=−12.112 , sba=0.155sba=0.155 , sbp=4.421sbp=4.421 , R2=0.813R2=0.813 , and F-statistic=10.372F-statistic=10.372 . Note that the sample consists of 10 observations. According to the estimated...

  • I need to write a paint job estimator program in python. I have most of it...

    I need to write a paint job estimator program in python. I have most of it down but i keep getting errors and I dont know how to fix it or what im doing worng specs: A painting company has determined that for every 350 square feet of wall space, one gallon of paint and six hours of labor are required. The company charges $62.25 per hour for labor. Write a program call paintjobestimator.py that asks the user to enter...

  • Suppose we want to analyze a consumer’s weekly consumption of gasoline. Let good one be “gallons...

    Suppose we want to analyze a consumer’s weekly consumption of gasoline. Let good one be “gallons of gasoline” and good 2 be “dollars spent on everything else”. The consumer has a weekly income of $100 and gas is $4 a gallon. i. Graph the consumer’s budget constraint. ii. Suppose that the government makes drivers pay $0.50 a gallon in tax. Graph the new budget constraint. Is the budget set smaller or larger? iii. Suppose that the government only wants to...

  • Today, your paint line must produce 6250 gallons of beige paint. Your four step manufacturing process...

    Today, your paint line must produce 6250 gallons of beige paint. Your four step manufacturing process has the following scrap rates for the corresponding step: Step 1: 0.4% Step 2: 1.4% Step 3: 2.3% Step 4: 1.3% How many gallons of paint must you start with to have 6250 gallons of point that can be sold? (Keep one decimal point in your answer)

  • 3. Special-interest groups, lobbying, and rent-seeking behavior The following graph shows the market for paint. Use...

    3. Special-interest groups, lobbying, and rent-seeking behavior The following graph shows the market for paint. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in the grey field will change accordingly. Graph Input Tool Price (Dollars per gallon) Quantity demanded (Milions of gallons) Surplus (Millions of gallons) Quantity...

  • 1. Last week, Cal sold an average of 4,000 gallons per day at an average price...

    1. Last week, Cal sold an average of 4,000 gallons per day at an average price of $2.658 per gallon. This week, he raised the average price to $2.758 per gallon. His station is now selling an average of 3,600 gallons per day. Fixed costs of operating the gas station are $438 per day.                                                                                            What is the price...

  • We were unable to transcribe this imageWe were unable to transcribe this imageUse the regression line to estimate the number of trials it would take to leam these tricks if a dolphin received...

    We were unable to transcribe this imageWe were unable to transcribe this imageUse the regression line to estimate the number of trials it would take to leam these tricks if a dolphin received five treats per trick. Y for X _ 5 would be The head dolphin trainer wants to save money by cutting down on the number of treats the dolphins get. She has asked you to use the least-squares regression line to predict how fast the dolphins can...

  • C++, please make it as simple as possible. A Paint Company is hiring you to develop...

    C++, please make it as simple as possible. A Paint Company is hiring you to develop an application to estimate the costs for a job. They have determined that for every 120 square feet of wall area, one gallon of paint and eight hours of labor is required. The company charges US$ 18.00 per hour for labor. Write a modular program that allows the user to enter the number of rooms that are to be painted and the price of...

  • A linear regression model predicting the linear effects of the amount of water used in growing...

    A linear regression model predicting the linear effects of the amount of water used in growing almonds is developed below: y = 56+10x The water data has a range of data from 5 to 90 and is in units of 100 gallons, and the almond data is in pounds. According to the model, how many acres will grow if 1000 gallons is used

  • Paint Job Estimator in Python and Raptor Psusedo

    Hello, I have seen this in Java and C++ but I am trying to learn it in Python ..any help on the code would be great..ThanksPaint job estimatorQuestion DetailsA painting company has determined that for every 115 square feet or wall space, one gallon of paint and eight hours of labor will be required. The company charges$20.00 per hour for labor . Write a program that allows the user to enter the number of rooms to be painted and the...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT