Osteoporosis is a degenerative disease that primarily affects wormen over the ag

Question

Osteoporosis is a degenerative disease that primarily affects wormen over the age of 65. A research analyst wants to forecast salles of StrongBones, a prescription drug for treating this debilitating disease. She uses the model Sales-A, + |Pop + AInc + , where Sales refers to the sales of StrongBores ($ millions), Pop is the number of women over the age of 65 (in millions), and Inc is the average income of women over the age of 65 ($1,000s) She collects data on 27 cities across the United States and obtains the following relevant regression results Intercept 10.06 3.90 2.58 0.0256 Population 8.44 Income 141 598 00094 6.26 1.20 0.3530 What is the sample regression equation? (Enter your answers in millions rounded to 2 decimal places.) a. tion + b. Interpret the coefficient of population. O As the number of women over the age of O As the number of women over the age of 65 increases by 1 million, sales of StrongBones is O As the number of women over the age of 65 increases by 1 million, sales of StrongBones is O As the number of women over the age of 65 increases by 1 million, sales of StrongBones is 65 increases by 1 million, sales of StrongBones is predicted to increase by $844 million. predicted to increase by $7.49 million predicted to increase by $7.49 million, holding income constant predicted to increase by $8.44 million, holding income constant c. Predict sales if a city has 2.0 million women over the age of 65 and their average income is $39,000 (Enter your answer in millions rounded to 2 decimal places.) 0 OLL

Explanation / Answer

PART A.
Sales = 10.06 + 8.44 * Population + 7.49 * Income

PART B.
as the number of women ovwe age of 65 increases by 1 millipn, sqles pf strongbones is preicted to increase by $7.49 Million

PART C.
given that
population = 2   
income = 39000
Sales = 10.06 + 8.44 * Population + 7.49 * Income
=10.06 + 8.44 * 2 + 7.49 * 39000
=292136.94

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