Using the equation ( With Numbers ) ,Provide a simple example by substituting in the equation ( once ) and then explain the effect on demand of a particular product ( Cars or Mobile Phone ) ;
No Need for long, details calculations. just a simple definition for each variable and it’s effect ;( only 1 Page )
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Regression equation: linear, additive ;
; ;eg: Y = a + b1X1 + b2X2 + b3X3 + b4X4 ;
Y: dependent variable ;
a: constant value, y-intercept ;
Xn: independent variables, used to explain Y ;
bn: regression coefficients (measure impact of independent variables)