Question

Consider the following sample data for the relationship between advertising budget and sales for Product A:...

Consider the following sample data for the relationship between advertising budget and sales for Product A:

Observation 1 2 3 4 5 6 7 8 9 10
Advertising($) 50000 60000 60000 70000 70000 80000 90000 90000 100000 110000
Sales ($) 299001 371000 364000 430000 440000 485000 535000 546000 595000 675000


Please round your answer to the nearest hundredth. Note that the correct answer will be evaluated based on the full-precision result you would obtain using Excel.What is the slope of the "least-squares" best-fit regression line?

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Independent variable (x): Advertising

Dependent variable (y): Sales

Following is the output of regression analysis generated by excel:

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.997458987
R Square 0.994924431
Adjusted R Square 0.994289985
Standard Error 8743.381685
Observations 10
ANOVA
df SS MS F Significance F
Regression 1 1.19882E+11 1.19882E+11 1568.178086 1.81836E-10
Residual 8 611573786.4 76446723.3
Total 9 1.20494E+11
Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
Intercept 8090.035714 12085.85315 0.669380607 0.52209837 -19779.9916 35960.06303
Advertising($), X 5.973205952 0.150837664 39.60022836 1.81836E-10 5.625373675 6.32103823

The slope is:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising ($) 40000 50000 50000 60000 70000 70000 80000 80000 90000 100000 Sales ($) 239000 315000 311000 363000 432000 493000 438000 493000 535000 603000 What is the slope of the "least-squares" best-fit regression line? Please round your answer to the nearest hundredth. Note that the correct answer will be evaluated based on the...
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising ($) 100,000 110,000 110,000 120,000 130,000 130,000 140,000 150,000 150,000 160,000 Sales ($) 603,000 676,000 655,000 748,000 796,000 785,000 858,000 891,000 935,000 980,000 What is the slope of the "least-squares" best-fit regression line? Please round your answer to the nearest hundredth. Note that the correct answer will be evaluated based on the...
Regression 1) Consider the following sample data for the relationship between advertising budget and sales for...
Regression 1) Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising ($) 30,000 30,000 40,000 50,000 50,000 50,000 60,000 70,000 80,000 80,000 Sales ($) 179,000 183,000 253,000 308,000 301,000 308,000 376,000 418,000 486,000 499,000 What is the slope of the "least-squares" best-fit regression line? Please round your answer to the nearest hundredth. 2) Consider the following sample data for the relationship...
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising ($) 70,000 80,000 80,000 90,000 100,000 100,000 110,000 110,000 120,000 130,000 Sales ($) 432,000 478,000 484,000 552,000 605,000 594,000 688,000 674,000 713,000 784,000 What is the slope of the "least-squares" best-fit regression line? Please round your answer to the nearest hundredth.
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising ($) 40,000 40,000 50,000 60,000 60,000 60,000 70,000 80,000 80,000 90,000 Sales ($) 239,000 248,000 316,000 365,000 358,000 375,000 432,000 476,000 486,000 552,000 What is the predicted sales quantity for an advertising budget of $64,000? Please round your answer to the nearest integer. Note that the correct answer will be evaluated based...
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising ($) 70,000 80,000 80,000 90,000 100,000 100,000 110,000 110,000 120,000 130,000 Sales ($) 432,000 478,000 484,000 552,000 605,000 594,000 688,000 674,000 713,000 784,000 What is the R2 coefficient of determination value for the relationship between advertising and sales? Please round your answer to the nearest hundredth.
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising ($) 40,000 50,000 50,000 60,000 70,000 70,000 80,000 80,000 90,000 100,000 Sales ($) 240,000 308,000 315,000 358,000 425,000 440,000 499,000 494,000 536,000 604,000 What is the predicted sales quantity for an advertising budget of $68,000? Please round your answer to the nearest integer.
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising ($) 50,000 60,000 60,000 70,000 70,000 80,000 90,000 90,000 100,000 110,000 Sales ($) 299,001 371,000 364,000 430,000 440,000 485,000 535,000 546,000 595,000 675,000 What is the predicted sales quantity for an advertising budget of $76,000? Please round your answer to the nearest integer.
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising ($) 30,000 30,000 40,000 50,000 50,000 50,000 60,000 70,000 80,000 80,000 Sales ($) 179,000 183,000 253,000 308,000 301,000 308,000 376,000 418,000 486,000 499,000 What is the predicted sales quantity for an advertising budget of $57,000? Please round your answer to the nearest integer.
A company is investigating the relationship between sales and advertising revenue. Data has been collected on...
A company is investigating the relationship between sales and advertising revenue. Data has been collected on these two variables and is shown below (all figures are in £000s): month jan feb mar april may june july aug sept oct nov dec sales 60 60 58 45 41 33 31 25 24 23 23 23 adv 6.0 6.0 6.0 5.8 4.5 4.1 3.3 3.1 2.5 2.4 2.3 2.3 (a) Plot a scatter diagram of the data given in the table above....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT