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 ($) | 100,000 | 110,000 | 110,000 | 120,000 | 130,000 | 130,000 | 140,000 | 150,000 | 150,000 | 160,000 |
| Sales ($) | 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 full-precision result you would obtain using Excel.
Homework Answers
Answer #1
The excel output for regression equation is:
Hence,
Slope of the least square fit = Coefficient of Advertisement = 6.20
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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
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Observation
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Consider the following sample data for the relationship between
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Observation
1
2
3
4
5
6
7
8
9
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Consider the following sample data for the relationship between advertising budget and sales for Product A:...
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Observation
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4
5
6
7
8
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Advertising ($)
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What is the slope of the "least-squares" best-fit regression
line? Please round your answer to the nearest hundredth. Note that
the correct answer will be evaluated based on the...
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
Consider the following sample data for the relationship between
advertising budget and sales for Product A:
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2
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6
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8
9
10
Advertising($)
50000
60000
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70000
70000
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90000
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Sales ($)
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you would obtain using Excel.What is the slope of...
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
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80,000
90,000
100,000
100,000
110,000
110,000
120,000
130,000
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432,000
478,000
484,000
552,000
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688,000
674,000
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Consider the following sample data for the relationship between advertising budget and sales for Product A:...
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1
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Advertising ($)
40,000
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4
5
6
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Advertising ($)
40,000
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