Exhibit 14-7.Assume you ran a multiple regression to gain a better understanding of the relationship between lumber sales,housing starts,and commercial construction.The regression uses lumber sales (in $100,000s)as the response variable with housing starts (in 1000s)and commercial construction (in 1000s)as the explanatory variables.The results of the regression are: Refer to Exhibit 14-7.If housing starts were 17,000 and commercial construction was 3,200,the best estimate of lumber sales would be:
A)$16,920,000
B)$16,925,370
C)$22,014,000
D)$22,290,000

Question

Exhibit 14-7.Assume you ran a multiple regression to gain a better understanding of the relationship between lumber sales,housing starts,and commercial construction.The regression uses lumber sales (in $100,000s)as the response variable with housing starts (in 1000s)and commercial construction (in 1000s)as the explanatory variables.The results of the regression are:  Refer to Exhibit 14-7.If housing starts were 17,000 and commercial construction was 3,200,the best estimate of lumber sales would be:
A)$16,920,000 
B)$16,925,370 
C)$22,014,000 
D)$22,290,000

Quizplus · Accepted Answer

The Answer of Exhibit 14-7.Assume you ran a multiple regression to gain a better understanding of the relationship between lumber sales,housing starts,and commercial construction.The regression uses lumber sales (in $100,000s)as the response variable with housing starts (in 1000s)and commercial construction (in 1000s)as the explanatory variables.The results of the regression are:  Refer to Exhibit 14-7.If housing starts were 17,000 and commercial construction was 3,200,the best estimate of lumber sales would be:
A)$16,920,000 
B)$16,925,370 
C)$22,014,000 
D)$22,290,000