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One of the leading TV producers has estimated the following demand equation after analyzing 32 regional markets: Q = + 25,000 - 50 P + 25 A + 20 -...
- What would be the change in your advertising expenditures to offset your competitor's strategy?
d. Conduct a t-test for the statistical significance of each variable. Discuss the results of the t-tests in light of the policy implications mentioned.
e. What proportion of the variation in sales is explained by the independent variables in the equation? How confident are you about this answer? Explain using the F-test.