The owner of a car dealer store for Sport/GT cars in Tampa is targeting a very e
ID: 3314864 • Letter: T
Question
The owner of a car dealer store for Sport/GT cars in Tampa is targeting a very exclusive market of high speed upper scale Sport/GT customers with an offer of pre-owned vehicles. The following table show results after running a regression with available explanatory variables to determine customer rating satisfaction (ranges from 0 to 100 points).
The variable PreOwned =1 if a car is been previously owned, 0 otherwise.
The interpretation for the coefficient of the variable Price is?
Coefficients Unstandardized Standardized Coefficients Coefficients Model t Sig. Std Beta Error 4.484 .003 Constant) 1995.888 445.138 SpeedQtrMile 15.748 6.012 916 Price ( 6.720 5.570-455 PreOwned 37.976 124.062 -.471 2.619 ·034 1.207 .267 1.918 .097 a. Dependent Variable: Customer satisfaction rating (1 to 100 points)Explanation / Answer
The coefficient of Price is -6.720 so the interpretation of this is that the customer satisfaction ratings are expected to decrease by 6.72 points for every 1 dollar increase in Price.
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