Homework on Forecasting Directions: For this homework you need to upload two files. One is a Word fi

Homework on Forecasting
Directions: For this homework you need to upload two files. One is a Word file containing solutions to this homework. Second is an Excel file showing your analysis.. Upload to Moodle by Nov 2.
Problem 1:
Janet owns a Mexican restaurant which sells lunch buffets and has kept track of the following historical data about its unit price of buffets, advertising expenses, and buffets sold.
Unit Price (in dollars)
Advertising Expenses (in dollars)
Buffets Sold (Units)
7.50
1500
2000
7.00
1550
2200
6.75
1450
2210
7.25
1800
2100
6.50
1600
2500
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Homework on Forecasting
Directions: For this homework you need to upload two files. One is a Word file containing solutions to this homework. Second is an Excel file showing your analysis.. Upload to Moodle by Nov 2.
Problem 1:
Janet owns a Mexican restaurant which sells lunch buffets and has kept track of the following historical data about its unit price of buffets, advertising expenses, and buffets sold.
Unit Price (in dollars)
Advertising Expenses (in dollars)
Buffets Sold (Units)
7.50
1500
2000
7.00
1550
2200
6.75
1450
2210
7.25
1800
2100
6.50
1600
2500
7.00
1750
2150
6.00
1500
2600
Janet would like to use linear regression to forecast demand (buffets sold) for the next time period. Please help her by doing the following analysis. The Excel sheet you upload must contain solution to this problem. Tab 1 (call it ‘Regression data’) must contain data, Tab 2 (call it ‘Unit Price’) must contain regression results for part a, and Tab 3 (call it ‘Adv Expenses’) must contain regression results for part c. Round to two decimals places for all your answers.
Run linear regression and report the regression line using buffets sold as dependent variable and unit price as independent variable. (Provide answer below) (10 points)
What is the coefficient of determination for this model? What is the standard error of the estimate? (Provide answer below) (10)
Run linear regression and report the regression line using buffets sold as dependent variable and advertising expenses as independent variable. (Provide answer below) (10)
What is the coefficient of determination for this model? What is the standard error of the estimate? (Provide answer below) (10)
Which do you think is the better model? Model in part a or the model in part c? Explain. (Provide answer below) (10)
Using the better model forecast buffets sold using one of the following: unit price = 5.50 or advertising expenses = 1700. (Note: pick either unit price or advertising expenses…

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