Multiple Regression Midterm Assignment

March 11, 2021

For this assignment, you are required to complete Problem 64 (p. 593) in Chapter 12 of your textbook. Use the appropriate Excel file templates from www.cengagebrain.com. Once complete, post your Excel Document in Waypoint. Show all work.

Excel Problem 64 data

Monthly Sales Selling Price

$673,000	$27
$546,000	$30
$334,000	$33
$27,000	$24
$76,000	$27
$298,000	$30
$746,000	$18
$962,000	$21
$907,000	$24

23-64) Let Yt be the sales during month t (in thousands of dollars) for a photography studio, and let Pt be the price charged for portraits during month t. The data are in the file Week 4 Assignment Chapter 12 Problem 64Preview the document. Use regression to fit the following model to these data:
Yt = a + b1Yt−1 + b2Pt + et
This equation indicates that last month’s sales and the current month’s price are explanatory variables. The last term, et, is an error term.

If the price of a portrait during month 21 is $10, what would you predict for sales in month 21?
Does there appear to be a problem with autocorrelation of the residuals?

Explain your answer.

This assignment uses a rubric

This assignment uses a grading Rubric

	Excellent (4)	Good (3)	Needs Improvement (2)	Poor (1)
Language/Spelling/ Grammar	Ms Excel spreadsheets have no spelling or punctuation errors and very few grammatical errors. Very well written and excellent use of business language.	Ms Excel spreadsheets have a few punctuation or spelling errors. Few grammatical errors that don’t affect meaning. Well written and use of business language is acceptable.	Ms Excel spreadsheets have some punctuation or spelling errors. Some grammatical errors but generally don’t affect meaning. Language is satisfactory overall but use of more appropriate business language is required.	Ms Excel spreadsheets have numerous punctuation or spelling errors. Numerous grammatical errors that affect meaning. Language used is unprofessional and not appropriate for business use.
Ms Excel spreadsheets Organization and Formatting	Relevant calculation steps are included, and each is organized effectively. Formatting is professional and consistent and includes all required elements.	Relevant calculation steps are included but could be a little better organized. Formatting is acceptable and/or one or two required elements are missing.	Relevant calculation steps are included but organization could be improved. Formatting is inconsistent and/or many elements are missing or not formatted appropriately.	Relevant calculation steps are missing and/or poorly organized. Formatting is messy and unprofessional.
Ms Excel statistical Analysis/Thinking	Ms Excel statistical analysis is comprehensive and detailed. Thinking and ideas are presented clearly, are engaging and thorough.	Ms Excel statistical analysis is sufficient. Thinking and ideas are clear but could be expanded to be more thorough.	Ms Excel statistical analysis is fairly basic and/or thinking and ideas lack some clarity and depth.	Ms Excel statistical analysis is very basic and thinking and ideas are superficial and lack clarity.

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