The prices charged in a given city are collected together into a weighted price index that is denoted by P = PRICE and measured in dollars. ![]() Big Andy’s sales revenue depends on the prices charged for hamburgers, fries, shakes, and so on, and on the level of advertising. The example used in this chapter is a model of sales for Big Andy’s Burger Barn. As such it is a simple but important extension that makes linear regression quite powerful. The multiple linear regression model expands the number of explanatory variables. ![]() In the simple linear regression model the average value of a dependent variable is modeled as a linear function of a constant and a single explanatory variable.
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