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

1. Bring data in to excel sheet

2.Select both x and y variable and insert scatter plot chart. Select any data point in the excel and add trend line. In the format trend line option choose "Linear" and also select "Display an equation on chart"

Scatterplot:

Regression Equation:y = 6.20x - 12,938.89

Slope: 6.20 x

Intercept: 12,938.89

What is the slope of the "least-squares" best-fit regression line?

6.20 x


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