Question

In: Statistics and Probability

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.

Solutions

Expert Solution

the slope of the "least-squares" best-fit regression line = 6.20

[ explanation:-

predictor (x): advertising

response (y) : sales.

i am using excel to solve the problem.

steps:-

copy the data in two column of excel named advertising(x) and sales (y) data data analysis regression in input Y range select the range of sales (y) column and in input X range select the range of advertising(x) including the labels tick labels in output options select output range and select any blank cell in your excel sheet ok.

your output be:-

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.99415
R Square 0.988333
Adjusted R Square 0.986875
Standard Error 14283.17
Observations 10
ANOVA
df SS MS F Significance F
Regression 1 1.38E+11 1.38E+11 677.7152 5.09E-09
Residual 8 1.63E+09 2.04E+08
Total 9 1.4E+11
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept -12938.9 31274.75 -0.41372 0.68995 -85058.6 59180.81 -85058.6 59180.81
advertising(x) 6.197222 0.238053 26.03296 5.09E-09 5.648271 6.746173 5.648271 6.746173

from the output it is clear that slope of the regression line = 6.197222   6.20

]

*** if you have any doubt regarding the problem please write it in the comment box...if you are satisfied please give me a LIKE if possible...


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