The owner of a car dealer store for Sport/GT cars in Tampa is targeting a very e

Question

The owner of a car dealer store for Sport/GT cars in Tampa is targeting a very exclusive market of high speed upper scale Sport/GT customers with an offer of pre-owned vehicles. The following table show results after running a regression with available explanatory variables to determine customer rating satisfaction (ranges from 0 to 100 points).

The variable PreOwned =1 if a car is been previously owned, 0 otherwise.

1) The interpretation for the coefficient of the variable Price is  ......

Coefficientsa Unstandardized Standardized Coefficients Coefficients Model Sig. Std Beta Error Constant 1995.888 445.138 4.484 .003 2.619 034 1.207 267 1.918 .097 SpeedQtrMile 15.748 6.012 .916 Price ($)6.720 5.570 455 PreOwned 37.976 124.062 -471 a. Dependent Variable: Customer satisfaction rating (1 to 100 points)

Explanation / Answer

1) The interpretation for the coefficient of the variable Price is :

For a unit increase in price, customer satisfaction rating will decrease 6.72 unit.

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