With milk sales sagging of late, The Milk Processor Education Program (MPEP) decided to move on from the famous "Got Milk" ad slogan in favor of a new one, "Milk Life." The new tagline emphasizes milk's nutritional benefits, including its protein content. MPEP began collecting data on the number of gallons of milk households consumed weekly (in millions), weekly price per gallon, and weekly expenditures on milk advertising (in hundreds of dollars) for the period following the launch of the new campaign. These data are available via the link below. Use these data to estimate a linear regression. Suppose that the weekly price of milk is $3.40 per gallon and MPEP decides to ramp up weekly advertising by 35 percent to $150 (in hundreds). Use your regression model to estimate the weekly quantity of milk consumed after this advertising increase.Instructions: Round your intermediate calculations and enter your response rounded to three decimal places.________ million gallons per week Linear ModelSUMMARY OUTPUTRegression StatisticsMultiple RR SquareAdjusted R SquareStandard Error0.739723790.547191290.537855031.06323599Observations100ANOVAdfMSSignificance FFRegression2132.512080166.2560400458.60924693 2.05053E-17Residual97109.65566391.130470762Total99242.167744CoefficientsStandard Errort StatP-valueLower 95% Upper 95% ower 95.0%/pper 95.0%Intercept6.519839040.8230908227.9211660113.94495E-12 4.886231606 8.153446 4.886232 8.153446P-1.61438240.151475863-10.657687235.12726E-18-1.91502003-1.31374 -1.91502-1.31374A0.004664380.0015750032.9615069690.003849344 0.0015384370.00779 0.0015380.00779Log-Linear ModelSUMMARY OUTPUTRegression StatisticsMultiple RR SquareAdjusted R SquareStandard Error0.633559440.401397560.389055240.58687607Observations100ANOVAdfMSSignificance FRegression22.4027221211.2013610632.522055741.55316E-11Residual9733.409081880.344423524Total9955.811804CoefficientsStandard Errort StatP-valueLower 95% Upper 95% ower 95.0%/pper 95.0%Intercept-1.9886752.243299214-0.886495666 0.377543082-6.44100299 2.463653-6.441 2.463653InP-2.16951340.276091563-7.8579487635.37032E-12-2.71747869-1.62155 -2.71748 -1.62155InA0.910658370.3703424062.4589632490.015705726 0.175631206 1.645686 0.175631 1.645686

Introduction The regression analysis provides the associations between a response variable (or…

Answered: With milk sales sagging of late, The…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter4: Equations Of Linear Functions

Section: Chapter Questions

Problem 6SGR

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With milk sales sagging of late, The Milk Processor Education Program (MPEP) decided to move on from the famous "Got Milk" ad slogan in favor of a new one, "Milk Life." The new tagline emphasizes milk's nutritional benefits, including its protein content. MPEP began collecting data on the number of gallons of milk households consumed weekly (in millions), weekly price per gallon, and weekly expenditures on milk advertising (in hundreds of dollars) for the period following the launch of the new campaign. These data are available via the link below. Use these data to estimate a linear regression.

Suppose that the weekly price of milk is $3.40 per gallon and MPEP decides to ramp up weekly advertising by 35 percent to $150 (in hundreds). Use your regression model to estimate the weekly quantity of milk consumed after this advertising increase.

Instructions: Round your intermediate calculations and enter your response rounded to three decimal places.

________ million gallons per week